Business, 01.08.2021 08:50, davelopez979
Oriole 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
$9
$17
Replacement cost
7
11
Estimated cost to dispose
6
8
Estimated selling price
18
29
In pricing its ending inventory using the lower-of-cost-or-market, what unit values, rounded to the nearest dollar, should Oriole use for products #1 and #2, respectively?
$11 and $12.
$11 and $12.
$7 and $12.
$7 and $11.
Answers: 2
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Oriole Corporation has two products in its ending inventory, each accounted for at the lower of cost...
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