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Crane Company sells product 2005 WSC for $40 per unit and uses the LIFO method. The cost of one unit of 2005 WSC is $37,
Crane Company sells product 2005 WSC for $40 per unit and uses the LIFO method. The cost of one unit of 2005 WSC is $37, and the replacement cost is $36. The estimated cost to dispose of a unit is $6, and the normal profit is 40% of the selling price. At what amount per unit should product 2005 WSC be reported, applying lower-of-cost-or-market? $37. $18. $34 $36
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