Net markdowns— 42,000
Sales— 1,008,000
If the foregoing figures are verified and a count of the ending inventory reveals that merchandise actually on hand amounts to $ 108,000 at retail, the business has
11) Muckenthaler Company sells product 2005WSC for $ 40 per unit. The cost of one unit of 2005WSC is $ 36, and the replacement cost is $ 35. The estimated cost to dispose of a unit is $ 8, and the normal profit is 40 %. At what amount per unit should product 2005WSC be reported, applying lower-of-cost-or-market?
12) Muckenthaler Company sells product 2005WSC for $ 40 per unit. The cost of one unit of 2005WSC is $ 36, and the replacement cost is $ 35. The estimated cost to dispose of a unit is $ 8, and the normal profit is 40 %. At what amount per unit should product 2005WSC be reported, applying lower-of-cost-or-market?