Question: Hendrix Entertainment Center has 5 televisions on hand at the balance sheet date. Each cost $400. The current replacement cost is $380 per unit. Under

Hendrix Entertainment Center has 5 televisions on hand at the balance sheet date. Each cost $400. The current replacement cost is $380 per unit. Under the lower-of-cost-or-market basis of accounting for inventories, what value should be reported for the televisions on the balance sheet? Why?

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