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Farwell Company sells three different categories of tools (small, medium and large). The cost and market value of its inventory of tools are as follows.
Farwell Company sells three different categories of tools (small, medium and large). The cost and market value of its inventory of tools are as follows.
| Cost | Market | |||
| Small | $ 87,040 | $ 82,960 | ||
| Medium | 394,400 | 353,600 | ||
| Large | 206,720 | 227,120 |
Determine the value of the companys inventory under the lower-of-cost-or-market approach
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