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Sparks Furniture Company carries three lines of sofas. Information about the sofa inventory as of...

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Accounting

Sparks Furniture Company carries three lines of sofas. Information about the sofa inventory as of the end of its most recent fiscal year follows. If LCM is applied to each separate product line, what is the amount of the adjustment that must be made to the company's inventory? Product Line Cost per Unit Market Value per Unit Quantity Rustic $715 $755 220 Mediterranean 615 635 330 Contemporary 965 750 290

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