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Lower-of-Cost-or-Market (LCM) Method The Venner Company had the following inventory at year-end: Unit Price Quantity...

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Accounting

Lower-of-Cost-or-Market (LCM) Method The Venner Company had the following inventory at year-end: Unit Price Quantity Cost Market Fans Model X1 300 $48 $49 Model X2 250 52 54 Model X3 400 59 56 Heaters Model B7 500 54 58 Model B8 290 65 62 Model B9 100 71 68 Required Determine the value of ending inventory after applying the lower-of-cost-or-market method to each item of inventory.

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