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A company normally sells its product for $20 per unit.However,the selling price has fallen to $15 per unit.This company's current inventory consists of 200 units purchased at $16 per unit.Replacement cost has now fallen to $13 per unit.What is the amount of the lower cost of market adjustment the company must make as a result of this decline in value?
Prepaid Insurance
An asset account representing insurance payments made in advance for coverage extending beyond the current accounting period.
Accounts Receivable
Outstanding payments that a business is entitled to receive from its customers for delivered goods or services.
Miscellaneous Expense
A category for expenses that don't naturally fit into other specified categories in financial accounting.
Cash Account
A type of account in finance that records all cash transactions, including receipts and payments.
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