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Data related to the inventories of the Hogwarts store is represented below. normal profit margin is 20% of selling price. In applying LCM ( lower
Data related to the inventories of the Hogwarts store is represented below. normal profit margin is 20% of selling price. In applying LCM ( lower of cost or Market) or LCNRV ( lower of cost or net realizable value), evaluate the following: 21. If the firm uses LIFO and applies LCM or LCNRV to individual items, what is the amount of the write down to inventory
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