Problem:
Wholesale Market applies lower-of-cost-or-market valuation to individual products and has collected the following data:
Product A Product B Product C
Selling price $100 $125 $80
Cost 70 75 60
Replacement cost 60 70 50
Disposal cost 15 20 8
Normal profit margin as a % of selling price:
30% 20% 20%
Determine the amount of inventory to be reported for Products A, B, and C.