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Use the following data for Rocket Company, determine the value inventory under the lower of cost or market rule. Commodity Inventory Quantity Unit Cost Price

Use the following data for Rocket Company, determine the value inventory under the lower of cost or market rule.

Commodity

Inventory Quantity

Unit Cost Price

Unit Market (Replacement) Cost

A

200

$20

$14

B

100

$28

$32

C

400

$16

$12
$13,600
$10,400
$11,600

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