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What unit values should cullumber use for products

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Question

Cullumber Corporation has two products in its ending inventory, each accounted for at the lower of cost or market. A profit margin of 30% on selling price is considered normal for each product. Specific data with respect to each product follows:

                                  Product #1  Product #2

Historical cost                   $8            $16

Replacement cost               11             14

Estimated cost to dispose     2               6

Estimated selling price          18             33

In pricing its ending inventory using the lower-of-cost-or-market, what unit values should Cullumber use for products #1 and #2, respectively?

Reference no: EM132319093

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