It is December 31, the end of the year, and the controller of Ramirez Corporation...
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Accounting
It is December 31, the end of the year, and the controller of Ramirez Corporation is applying the lower-of-cost-or-market (LCM) rule to inventories. Before any year-end adjustments, Ramirez reports the following data: Cost of goods sold Historical cost of ending inventory S 375,000 as determined by a physical count Ramirez determines that the current replacement cost of ending inventory is $45,000. Show what Ramirez should report for ending inventory and for cost of goods sold. Identify the financial statement where each item appears
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