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Business, 24.03.2020 20:08 anrs14

Simmons, Inc. uses the lower-of-cost-or-market method to value its inventory that is accounted for using the LIFO method. Data regarding an item in its inventory is as follows: Cost $26 Replacement cost 20 Selling price 30 Cost of completion and disposal 2 Normal profit margin 7 What is the lower-of-cost-or-market for this item?

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