Herman company has three products in its ending inventory. specific per unit data at the end of the year for each of the products are as follows: product 1 product 2 product 3cost $ 20 $ 90 $ 50replacement cost 18 85 40selling price 40 120 70selling costs 6 40 10normal profit margin 5 30 12required: what unit values should herman use for each of its products when applying the lower of cost or market (lcm) rule to ending inventory

Brian has just finished college. he wants to set up a small business to make and sell fireworks. he registers his company and acquires a license from the government. he finds that most of his competitors are selling fireworks at an extremely low price. he would like to make more money, so he decides to innovate and develop better fireworks. he sells his fireworks at a higher price, and they are a huge hit with the customers. after a few years, he earns enough profit to set up a bigger fireworks factory that complies with the government’s health and safety regulations. he even starts exporting fireworks overseas. which type of economy does this scenario describe?