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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 3 Cost $ 26 $ 96 $ 56 Selling price 58 138 88 Costs to sell 6 52 16 Required: What unit values should Herman use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory?
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Herman Company has three products in its ending inventory. Specific per unit data at the end of the...
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