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E7-12 Reporting Inventory at Lower of Cost or Market L07-4 Jones...

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Accounting

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E7-12 Reporting Inventory at Lower of Cost or Market L07-4 Jones Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR Unit Cost When Net Realizable Quantity Acquired Value (Market) Item on Hand (FIFO) at Year-End $12 $15 B 91 40 30 C 21 152 48 D 81 30 25 E 361 5 10 61 mono Required: Compute the valuation that should be used for the current year ending inventory using the LCM rule applied on an item- by-item basis. Total Total LCM Item Quantity Cost Market Valuation 61 91 21 81 E 361 Total $0$ 0 $ 0 mo>

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