Data related to the inventories of Costco Medical Supply are presented below:
| Surgical Equipment | Surgical Supplies | Rehab Equipment | Rehab Supplies | |
| Selling price | $ 267 | $ 138 | $ 321 | $ 155 |
| Cost | 169 | 95 | 285 | 153 |
| Costs to sell | 28 | 8 | 34 | 9 |
In applying the lower of cost or net realizable value rule, the inventory of rehab equipment would be valued at:
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Data related to the inventories of Kimzey Medical Supply are presented below:
| Surgical Equipment | Surgical Supplies | Rehab Equipment | Rehab Supplies | |
| Selling price | $ 345 | $ 205 | $ 425 | $ 250 |
| Cost | 255 | 175 | 335 | 247 |
| Replacement cost | 325 | 165 | 320 | 243 |
| Costs to sell | 64 | 22 | 42 | 44 |
| Normal gross profit ratio | 40% | 40% | 40% | 40% |
In applying the lower of cost or market rule, the inventory of rehab supplies would be valued at:
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Under the LIFO retail method, which of the following is used to calculate the denominator of the current-period cost-to-retail percentage?
Using the dollar-value LIFO retail method for inventory:
Novelli’s Nursery has developed the following data in order to calculate the lower of cost or net realizable value for its products. The individual products are listed within the categories of trees.
| Selling Price | Cost | |
| Broad leaf trees: | ||
| Ash | $ 1,650 | $ 1,560 |
| Beech | 2,710 | 1,460 |
| Needle leaf trees: | ||
| Cedar | $ 3,180 | $ 1,610 |
| Fir | 3,200 | 3,210 |
| Fruit trees: | ||
| Apple | $ 2,140 | $ 1,260 |
| Cherry | 2,810 | 1,660 |
The costs to sell are 10% of selling price.
Required:
Determine the reported inventory value assuming the lower of cost or net realizable value rule is applied to individual trees.