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A Company Reports Inventory Using Lower-Of-Cost-Or-Market

question 115

Essay

A company reports inventory using lower-of-cost-or-market.Below is information related to its year-end inventory.Calculate the amount to be reported for ending inventory.
 Inventory  Quantity  Cost  Market  Ski jackets 10$130$110 Skis 25$250$300\begin{array} { l c c c } \text { Inventory } & \text { Quantity } & \text { Cost } & \text { Market } \\\text { Ski jackets } & 10 & \$ 130 & \$ 110 \\\text { Skis } & 25 & \$ 250 & \$ 300\end{array}

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