The replacement cost of an inventory item is $88. Net realizable value is $97.50. Net...
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Accounting
The replacement cost of an inventory item is $88. Net realizable value is $97.50. Net realizable value less a normal profit margin is $88.50. The cost of the item is $93. The designated market value used in applying Lower-of-Cost-or-Market is:
A. $97.50
B. $88.50
C. $93
D. $88
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