Valuing Inventory at Lower-of-Cost-or-Market Gard Inc. has compiled the following information related to its five products. Costs of disposal are estimated to be 10% of selling price, and gross profit is estimated to be 25% of the selling price. Determine the value of inventory applying the lower-of-cost-or-market rule to each individual inventory item. Note: Round each amount to the nearest dollar.     #1 #2 #3 #4 #5 Estimated selling price $10 $20 $30 $40 $50 Original cost (LIFO) 60 80 90 100 110 Replacement cost 120 130 140 150 160 Inventory at the lower-of-cost-or-market Answer Answer Answer Answer Answer

Q: Required: What unit values should the company use for each of its products when applying the lower…

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A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: Valuing Inventory at Lower-of-Cost-or-Market Gard Inc. has compiled the following information…

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.