Question - SLR Corporation has 2,000 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows:
Product 1 Product 2
Cost $70 $44
Selling price 120 46
Costs to sell 6 3
Determine the book value of SLR's inventory assuming that the lower of cost and net realizable value rule is applied to individual products.