Herman Company has three products in its ending inventory. Specific per unit data for each of the products are as follows:

Question

Product1 product2 product3
cost $20 $90 $50
replacement
cost 18 85 40
selling price 40 120 70
disposal costs 6 40 10
normal profit
margin 5 30 12

What unit values should Herman use for each of its products when applying the LCM rule to ending inventory?

Answer 1

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