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Oslo Corporation has two products in its ending inventory, each accounted for at the lower of cost or market. A profit margin of 30% on selling price is considered normal for each product. Specific data with respect to each product follows:

	Product #1	Product #2
Historical cost	$10	$ 18
Replacement cost	11	14
Estimated cost to dispose	3	7
Estimated selling price	20	33

In pricing its ending inventory using the lower-of-cost-or-market, what unit values should Oslo use for products #1 and #2, respectively?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92772019

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