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Business, 25.06.2020 02:01 vicsmi4573

Robyn's Retail had 500 units of inventory on hand at the end of the year. These were recorded at a cost of $19 each using the last-in, first-out (LIFO) method. The current replacement cost is $17 per unit. The selling price charged by Robyn's Retail for each finished product is $27. In order to record the adjusting entry needed under the lower-of-cost-or-market rule, the Merchandise Inventory will be . Group of answer choices debited by $8,500 credited by $8,500 debited by $1,000 credited by $1,000

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