Lower-of-cost-or-market (Learning Objective 4) 5–10 min.

Thomson Company accumulates the following cost and market data at December 31.

What is the amount of inventory Thomson Company reports on December 31 using the lower-of-cost-or-market rule?AppendixLO1

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Inventory Cost Market Categories Data Data Product A $11,000 $10,200 Product B 8,000 8,500 Product C 14,000 12,600