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 $ 40 $ 110 $ 70 Selling price 100 180 130 Costs to sell 6 80 30

Answer and Explanation:

Given:

Product 1 Product 2 Product 3

Cost of product $20 $90 $50

Selling price $40 $120 $70

Selling cost $6 $40 $10

Computation:

Product 1 Product 2 Product 3

Product Cost $20 $90 $50

N. R. V ($40-$6) = $34 ($120-$40) = $80 ($70-$10) = $60

Per Unit Inventory Value $20 $90 $50