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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 |
|---|---|---|---|
| MX62 | 156 | $42 | $39 |
| O5T4 | 326 | 22 | 25 |
$?
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Auditing
Authors: Alan H. Millichamp
8th Edition
082645500X, 9780826455000
