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3) Cyprus Company sells product halloumi cheese for $40 per unit. The cost of one unit of halloumi cheese is $20, and the replacement cost
3) Cyprus Company sells product halloumi cheese for $40 per unit. The cost of one unit of halloumi cheese is $20, and the replacement cost is $17. The estimated cost to dispose of a unit is $2, and the normal profit is 30%. At what amount per unit should product halloumi cheese be reported, applying lower-of-cost-or-market? I believe it is $26 per unit
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