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A partial inventory of Furniture Mart is shown in the table below. Use the lower-of-cost-or-market rule to calculate the value of the inventory Item Quantity
A partial inventory of Furniture Mart is shown in the table below. Use the lower-of-cost-or-market rule to calculate the value of the inventory
| Item | Quantity | Cost | Market | Basis | Amount |
| Sofas | 396 | $1,150 | $1,092 | ||
| Beds | 173 | 7,140 | 5,712 | ||
| End tables | 441 | 5,264 | 6,496 | ||
| China cabinets | 497 | 4,797 | 4,290 | ||
| Dining sets | 315 | 2,604 | 2,520 |
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
