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A company's normal selling price for its product is $28 per unit. However, due to market competition, the selling price has fallen to $23 per

A company's normal selling price for its product is $28 per unit. However, due to market competition, the selling price has fallen to $23 per unit. This company's current inventory consists of 120 units purchased at $24 per unit. Replacement cost has fallen to $21 per unit. Calculate the value of this company's inventory at the lower of cost or market.

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