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At Feline Fancy, the historical cost of the deluxe cat home is $40 and the retail price is $55. The company will spend $4 to
At Feline Fancy, the historical cost of the deluxe cat home is $40 and the retail price is $55. The company will spend $4 to sell the deluxe cat home and can replace it for $42. The company wishes to use the lower-of-cost-or-market comparison and has a profit margin is 30%. What number should they use for the market value?
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