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ACC - Exercise 9-2 Riegel Company

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Question;Exercise 9-2Riegel Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2013, consists of products D, E, F, G, H, and I. Relevant per-unit data for these products appear belowItem DItem EItem FItem GItem HItem IEstimated selling price $222 $204 $176 $167 $204 $167Cost 139 148 148 148 93 67Replacement cost 222 133 130 56 130 56Estimated selling expense 56 56 65 65 56 56Normal profit 37 37 37 37 37 37Using the lower-of-cost-or-market rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2013, for each of the inventory items above.

 

Paper#43050 | Written in 18-Jul-2015

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