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Data related to the inventories of Noel Medical Supply Company is presented below.The company applies lower of cost or market on an item by item
Data related to the inventories of Noel Medical Supply Company is presented below.The company applies lower of cost or market on an item by item basis.
Surgical Surgical Rehab Rehab
Equipment Supplies Equipment Supplies
Selling price $260 $120 $340 $165
Cost $ 170 $90 $ 250 $ 162
Replacement cost $ 240 $80 $210 $ 158
Disposal cost $ 30 $5 $ 25 $10
Normal profit margin $ 78 $ 36 $ 102 $33
_____ 1.In applying the LCM rule, the inventory of surgical equipment would be valued at:
A)$230
B)$240
C)$170
D)$152
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