14. Garitson Music Center has 5 CD players on hand at the balance sheet date. Each cost...

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14. Garitson Music Center has 5 CD players on hand at the balance sheet date. Each cost $400. The current replace¬

ment cost is $380 per unit. Under the lower-of-cost-ormarket basis of accounting for inventories, what value should be reported for the CD players on the balance sheet? Why?

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