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Lakota's ending inventory is stated as follows: Item Cost Market Rakes $37,000 $35,150 Shovels 16,650 18,500 Hoes 27,750 29,600 Under the lower of cost

Lakota's ending inventory is stated as follows: Item Cost Market Rakes $37,000 $35,150 Shovels 16,650 18,500 Hoes 27,750 29,600 Under the lower of cost or market method, what is the Federal income tax value of Lakota's inventory?

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