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Suppose that Pharoah Depot developed the following information about its inventories in applying the lower-of-cost-or-netrealizable-value (LCNRV) basis in valuing inventories: After Pharoah Depot applies the

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Suppose that Pharoah Depot developed the following information about its inventories in applying the lower-of-cost-or-netrealizable-value (LCNRV) basis in valuing inventories: After Pharoah Depot applies the LCNRV rule, the value of the inventory reported on the balance sheet will be $297000. $301000. $294000. $304000

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