Given the historical cost of product Dominoe is $32, the selling price of product Dominoe is $35, costs to sell product Dominoe are $2, the replacement cost for product Dominoe is $31, and the normal profit margin is 20% of sales price, what is the amount that should be used to value the inventory under the lower-of-cost-or-market method? $33. $32. $26. $31. Textbook and Media

Given the historical cost of product Dominoe is $32, the selling price of product Dominoe is $35, costs to sell product Dominoe are $2, the replacement cost for product Dominoe is $31, and the normal profit margin is 20% of sales price, what is the amount that should be used to value the inventory under the lower-of-cost-or-market method? $33. $32. $26. $31