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PepsiCo, Inc. holds inventory with a cost of $15,000,000 and a market value of $12,000,000. According to the lower of cost or market rule, calculate

PepsiCo, Inc. holds inventory with a cost of $15,000,000 and a market value of $12,000,000. According to the lower of cost or market rule, calculate the valuation of PepsiCo's inventory to be reported on the balance sheet.

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