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Jones Corporation has the following information of inventory at 12/31/2017 This is the first business year...

Jones Corporation has the following information of inventory at 12/31/2017 This is the first business year of the company.

Jones Corporation uses the Lower-of-Cost-or-Market (LCM) method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, consists of products G, H, I, J, K, L, M and N. Relevant per unit data for these products appear below.

Item No.

Cost per unit

Cost to Replace

Estimated Selling Price

Cost of Completion and Disposal

Normal Profit margin (%) of selling price

X

3.63

3.34

4.8

1.94

18%



Compute Net Realizable Value (NRV), NRV - normal profit (show your detail calculation), and use the LCM rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2017

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