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Know the effect of overstated or understated ending inventory has on net income for the year Know how to calculate the Net Realizable Value (ceiling

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Know the effect of overstated or understated ending inventory has on net income for the year Know how to calculate the Net Realizable Value (ceiling price)of merchandise inventory when applying the Lower of cost or market method Know how to calculate the floor price of inventory when applying the lower of cost or market method

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