Determining Lower of Cost or Market The following data refer to Froning Companys ending inventory....
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Accounting
Determining Lower of Cost or Market
The following data refer to Froning Companys ending inventory.
Item Code
Quantity
Unit Cost
Unit Market
LXC
500
$45
$48
KWT
210
38
34
MOR
300
22
20
NES
200
27
32
Determine the ending inventory amount by applying the lower of cost or market rule to: (a) each item of inventory $Answer (b) the total inventory. $Answer
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