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Multiple Choice Question 77 Given the historical cost of product Dominoe is $12, the selling price of product Dominoe is $15, costs to sell product

Multiple Choice Question 77 Given the historical cost of product Dominoe is $12, the selling price of product Dominoe is $15, costs to sell product Dominoe are $2, the replacement cost for product Dominoe is $11, and the normal profit margin is 20% of sales price, what is the amount that should be used to value the inventory under the lower-of-cost-or-market method? $11. $13. $12. $10.

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