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Lower of Cost or Net Realizable Value The accountant for Murphy Company prepared the following analysis of its inventory at year end: 1. Compute the

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Lower of Cost or Net Realizable Value The accountant for Murphy Company prepared the following analysis of its inventory at year end: 1. Compute the carrying value of the ending inventory using the lower of cost or net realizable value rute applied on an item-by-item basis. 2. Prepare the joumal entry required to value the inventory at lower of cost or net realizable value. If an amount box does not require an entry, leave it biank

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