Lower-of-Cost-or-Market (LCM) Method The following data refer to the Flemming Companys ending inventory: Item Code...
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Lower-of-Cost-or-Market (LCM) Method The following data refer to the Flemming Companys ending inventory: Item Code Quantity Unit Cost Replacement Cost ABX 80 $61 $66 TYG 150 51 53 JIL 175 39 36 GGH 90 55 49 Calculate the value of the companys ending inventory by using the lower-of-cost-or-market applied to each item of inventory. Ending inventory computed by applying the lower-of-cost-or-market method to each item of inventory is
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