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Lower Cost or NRV: Review The following information pertains to one item of inventory: Per unit $270 Cost Replacement cost Selling price Costs to sell

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Lower Cost or NRV: Review The following information pertains to one item of inventory: Per unit $270 Cost Replacement cost Selling price Costs to sell 225 292 52 Applying the lower of cost and net realizable value rule, this item should be valued at: a. $225 b. $240 c. $270 d. $292

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