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QUESTION 28 2 point Manning Distribution Co. has determined its December 31 inventory as follows: Estimated selling price $550,000 Cost 490,000 Estimated selling costs 100,000

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QUESTION 28 2 point Manning Distribution Co. has determined its December 31 inventory as follows: Estimated selling price $550,000 Cost 490,000 Estimated selling costs 100,000 Manning records losses that result from applying the lower-of-cost- or-net realizable value (LCNRV). At December 31, the loss that Manning should recognize is OA A. SO. B. $60,000 C. $20,000 D. $40,000

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