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Sheffield Corp. developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories: Product Cost $121000

Sheffield Corp. developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories: Product Cost $121000 85000 170000 Market $127000 81000 172000 B If Sheffield applies the LCM basis, the value of the inventory reported on the balance sheet would be $384000. $376000 $380000. $372000

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