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Using the lower of cost-or-market method, Johnson & Johnson had 110,000 units of inventory on...

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Accounting

Using the lower of cost-or-market method, Johnson & Johnson had 110,000 units of inventory on hand at $6 per unit. The following information is available:

Est. Selling Price: $13

Replacement Cost: $7

Est. Selling Expense: $3

Normal Profit: $5

Determine the correct inventory cost and make the necessary adjusting journal entry.

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