19. The lower of cost or net realizable vale (LCNR) pproch can te applied so A. Individual inventory inems B. Logical categories of inventory C. The entire inventory D. All of the above 20. Under the lower of cost or market (LCM) approach, market should not be greatcer th A. Net realizable value B. Replacement cost C. Net realizable value less normal profn margin D. None of the above one product in its ending invensory. Specific per unit data at the end of the year is provided Cost Replacement co Selling price Selling cost Normal profit margin 3 $90 85 120 45 What unit value should COBA use whem applying the lower of cost or market (LCM) sule to ending inventory? A. $120 .sso C.$85 D. $75 E. 545 22. Magoffin Ltd purchased land for $175,000. In addition to the purchase price, Magoffin made the following expenditures: $7,500 for real estate commissions: $18,750 to demolish an old building already on the land; $10,000 to put in a new parking lot; $2,500 to install a sprinkler system on the property. How much should Magoffin capitalize as the valoe of the land on its balance shee? A. $211.250. B. $175,000 C. $182,500 D. $213,750 E. $201,250