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Decker Company has five products in its inventory. Information about the December 31, 2016, inventory follows. The cost to sell for each product consists of
Decker Company has five products in its inventory. Information about the December 31, 2016, inventory follows. The cost to sell for each product consists of a 10 percent sales commission. Determine the book value of inventory at December 31, 2016, assuming the lower of cost and net realizable value rule is applied to individual products. Determine the book value of inventory at December 31, 2016, assuming the lower of cost and net realizable value rule is applied to the entire inventory. Also, assuming that Decker reports an inventory write-down as a line item in the income statement, determine the amount of the loss
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