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Merle Industries had been selling its product for $42 per unit, but recently lowered the selling price to $26 per unit. The company's current inventory

Merle Industries had been selling its product for $42 per unit, but recently lowered the selling price to $26 per unit. The company's current inventory consists of 255 units purchased at $38 per unit. The market value of this inventory is currently $24 per unit. At what amount should the companys inventory be reported on the balance sheet?

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