Cullumber Corporation has two products in its ending inventory, each accounted for at the lower of cost or market. A profit margin of 25% on selling price is considered normal for each product. Specific data with respect to each product follows:   Product #1 Product #2 Historical cost $18 $35 Replacement cost 12 20 Estimated cost to dispose 15 17 Estimated selling price 36 56 In pricing its ending inventory using the lower-of-cost-or-market, what unit values, rounded to the nearest dollar, should Cullumber use for products #1 and #2, respectively?

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.