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The following information relates to shoes manufactured by Phoenix Company. Selling price $150,000 Cost 133,000 Replacement cost 130,000 Sales commission 10% Normal gross profit ratio

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The following information relates to shoes manufactured by Phoenix Company. Selling price $150,000 Cost 133,000 Replacement cost 130,000 Sales commission 10% Normal gross profit ratio 20% In applying the lower of cost or market rule, the inventory of shoes would be valued at what amount

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