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Question 3 1 pts Jones Sporting Goods properly uses the Lower of Cost of Market (LCM) rules to determine the number to put on their
Question 3 1 pts Jones Sporting Goods properly uses the Lower of Cost of Market (LCM) rules to determine the number to put on their balance sheet for inventory....They apply this using the CATEGORY by CATEGORY method..... They have two categories: Spring Sporting Equipment...Cost = 2,290....Market- 2,716 Fall Sports Equipment...Cost-3,574...Market=2,780 What amount should they put on their balance sheet for year end inventory
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