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Whicher Corporation had three products in its ending inventory at December 31, 2009. Whicher Corporation considers a profit margin of 15% of the sales price average for product 1 and a profit margin of 10% of the sales price average for products 2 and 3. When Whicher Corporation sells its products, it expects to incur selling costs equal to 5% of the selling price. The chart below gives further information about each product:
Product Cost Replacement cost Selling price
Product 1 $150 $160 $180Product 2 $180 $155 $160Product 3 $120 $100 $120
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