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Question: It is time to prepare financial statements. We must determine value the inventory at...

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Accounting

Question: It is time to prepare financial statements. We must determine value the inventory at cost or market value.

Product Units On hand Per Unit Cost Market Total Cost Total Market LCM by product
part A 50 $5 $4.50
part B 75 $6 $6.50
part C 160 $3 $2.50

Specify the lower of cost or market, applied separately to each product. Report in dollars and cents.

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