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Exercise 9-7 Flounder Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-

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computation of het realisable value and het realisable value(NRV) - Normal profit NRV = Estimated sellang price cost of compl- Inventor comptation of lower-of-cost orj market Item aty cost cost NRV NRV-Np market value No permit Replace [1320/1300 $3.I value of anventory Total value of anventory Item Qleanty a costor market whichever as lower 1.320 1300 B 3.03 1333 looo 215

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