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Question. Lower -of-cost-or-market (LCM) is to be applied to the following situation: Cost, $10; Net realizable value, $8; Replacement cost, $7; Net realizable value less

Question. Lower-of-cost-or-market (LCM) is to be applied to the following situation: Cost, $10; Net realizable value, $8; Replacement cost, $7; Net realizable value less normal profit, $7.50. One unit in inventory should be valued at:

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