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A company normally sells its product for $16 per unit. However, the selling price has fallen to $12 per unit. This company's current inventory consists

A company normally sells its product for $16 per unit. However, the selling price has fallen to $12 per unit. This company's current inventory consists of 500 units purchased at $14 per unit. Replacement cost has now fallen to $6 per unit. Calculate the value of this company's inventory at the lower of cost or market

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