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18. The following relates to an inventory item held by the Poore Sales Co. at the balance sheet date: Historical Cost $64 Estimated selling price
18. The following relates to an inventory item held by the Poore Sales Co. at the balance sheet date: Historical Cost $64 Estimated selling price 72 Estimated selling costs 2 The amount that should be reported for this inventory item according to the lower-of- cost-or-market rule is a. $70 b. $64 c. $72
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