## Answers

Solution

Case 1 | $ 7.60 |

Case 2 | $ 9.80 |

Case 3 | $ 11.65 |

Case 4 | $ 4.85 |

Case 5 | $ 5.80 |

Working

Cost | Replacement cost | NRV | NRV-NP | Market | Per unit Inventory Value | |

Case 1 | $ 7.60 | $ 7.70 | $ 9.05 | $ 8.50 | $ 8.50 | $ 7.60 |

Case 2 | $ 11.30 | $ 9.90 | $ 9.80 | $ 8.75 | $ 9.80 | $ 9.80 |

Case 3 | $ 11.65 | $ 12.70 | $ 12.40 | $ 11.00 | $ 12.40 | $ 11.65 |

Case 4 | $ 6.05 | $ 4.85 | $ 5.10 | $ 3.25 | $ 4.85 | $ 4.85 |

Case 5 | $ 7.60 | $ 4.50 | $ 6.90 | $ 5.80 | $ 5.80 | $ 5.80 |

If we want to value inventory on the basis of lower of cost or market value then we have to first calculate market value.

To calculate market value an easy method is used in this question. We will take the middle value of the given below values to ascertain market value.

Replacement value | NRV | NRV minus Normal Profits |

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