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Nolen Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows Unit Cost item Quantity on
Nolen Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows Unit Cost item Quantity on Hand When Acquired A 150 $17 B 220 54 C 80 32 D 50 26 Replacement Cost (market) at year end $21 43 29 30 INSTRUCTIONS: Compute the valuation for the December 31, 2022, inventory using the lower-of-cost-or-market basis. Make sure you fill in the blanks with the appropriate number. DO NOT WRITE S SIGNS. USE COMMAS IN NUMBERS WHERE NEEDED. FAILURE TO FOLLOW THESE INSTRUCTIONS WILL RESULT IN THE ANSWER TO BE MARKED AS INCORRECT. (NO-$10000) (NO-10000) (YES-10,000). 1) The valuation for Item A using LCM is: $ 2) The valuation for Item B using LCM is: $ 3) The valuation for Item C using LCM is: $ 4) The valuation for Item D using LCM is: $ 5) The TOTAL ENDING INVENTORY USING LCM is: $
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