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4. MNO Company is preparing the annual financial statements dated December 31, 2014. Information about inventory stocked for regular sale follows: a) Compute the valuation

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4. MNO Company is preparing the annual financial statements dated December 31, 2014. Information about inventory stocked for regular sale follows: a) Compute the valuation for the December 31, 2014, inventory using the lower-of-eost-or-net realizable value basis and make necessary adjusting iournal entries. b) Sold 5 units of A for 18 in Fash, 3 units of B for 16 and 10 units of C for 45 each in cash. Make necessary journal entries

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