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Trendy Boot Company manufactures two types of boots-rain boots and snow boots. Information related to both products is presented in the following (Click the
Trendy Boot Company manufactures two types of boots-rain boots and snow boots. Information related to both products is presented in the following (Click the soon to view the data) Determine the ending inventory value per unit using the lower-of-cost-or-market nie assuming that Trendy Boot uses LIFO for costing purposes and the group-by-group approach to LCM (Assume that Trendy Boot Company US GAAP reporter) Begin by completing the table below to identify the market value for each group and to determine the ending inventory value per unit using the lower-of-cost-on-mark LIFO Market Lower of Cost Group Rain boots Cost Value or Market Snow boots (Enter a "0" if no LCM loss adjustment is required) Assuming Trendy Boot Company uses the group-by-group approach for LCM computations, a write down to market is required for the rain boots under US GAAP per unit (Enter a "0" if no LCM loss adjustment is required) Assuming Trendy Boot Company uses the group-by-group approach for LCM computations, a write-down to market is required for the snow boots under US. GAAP per unit
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