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Lomax Company applied lower-of-cost-or-market to its inventory on December 31. There were 5 units of inventory that had a cost of $150 per unit that
Lomax Company applied lower-of-cost-or-market to its inventory on December 31. There were 5 units of inventory that had a cost of $150 per unit that had a market value of $180 per unit. What amount should be reported on Lomax's December 31 balance sheet for inventory assuming the company applies lower-of-cost-market to its inventory
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