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Waterway, Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. What amount should be reported on Waterway, Inc.'s

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Waterway, Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. What amount should be reported on Waterway, Inc.'s financial statements, assuming the lower-of-cost-or-market rule is applied? Total exist

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