Herman company has three products in its ending inventory. specific per unit data at the end of the year for each of the products are as follows: product 1 product 2 product 3cost $ 20 $ 90 $ 50replacement cost 18 85 40selling price 40 120 70selling costs 6 40 10normal profit margin 5 30 12required: what unit values should herman use for each of its products when applying the lower of cost or market (lcm) rule to ending inventory

Explanation:

In this question, we apply the lower of cost or market (LCM) rule which is shown below:

For Product 1

The Cost is $20

And, the market value = Selling price - selling cost - normal profit margin

                                     = $40 - $6 - $5

                                     = $29

So, the lower value would be $20

For Product 2

The Cost is $90

And, the market value = Selling price - selling cost

                                     = $120 - $40

                                     = $80

So, the lower value would be $80

For Product 3

The Cost is $50

And, the market value = Selling price - selling cost - normal profit margin

                                     = $70 - $10 - $12

                                     = $48

So, the lower value would be $48

In the product 2, the replacement cost is 85 and the market value without considering the normal profit margin is $80 which is less than the replacement cost that's why we do not take the normal profit margin

the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

mamie smith recorded the first commercially successful example of the urban blues,   with the recording of “crazy blues”."crazy blues" was recorded on august 10, 1920, in new york city. within a month of the release of “crazy blues” it had sold 75,000 copies.

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