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On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown
On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10.
| Item | Inventory Quantity | Unit Cost Price | Unit Market Price |
|---|---|---|---|
| IA17 | 154 | $29 | $24 |
| VZ31 | 306 | 14 | 17 |
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Financial Accounting Theory
Authors: William R. Scott
3rd Edition
0130655775, 9780130655776
