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Assume that Jones Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual item basis. Final Inventory Value Item No. 1320
Assume that Jones Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual item basis. Final Inventory Value Item No. 1320 1333 1426 1437 1510 1522 1573 1626 Quantity 1,200 900 800 1,000 700 500 3.000 1,000 Cost per Unit $3.20 2.70 4.50 3.60 2.25 2.50 1.50 4.70 Replacement Cost $3.00 2.30 3.70 3.10 2.00 2.70 1.60 5.20 Net Realizable Value $4.15 3.00 4.60 2.95 2.45 3.40 1.75 5.50 Net Realizable Value Less Normal Profit $2.90 2.50 3.60 2.05 1.85 2.90 1.25 4.50 Designated Market Value $3.00 2.50 3.70 2.95 2.00 2.90 1.60 5.20 Requirements: From the information above, determine the amount of Jones Company Final inventory Value -- i.e.complete column at right hand side of spreadsheet. (Show computations to receive maximum credit
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