The following data refer to Issue Company’s ending inventory: Item code Quantity Unit Cost Unit Market Small 100 $56 $59 Medium 420 38 44

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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26.

The following data refer to Issue Company’s ending inventory:

Item code

Quantity

Unit Cost

Unit Market

Small

100

$56

$59

Medium

420

  38

  44

Large

600

  44

  42

Extra-Large

220

  64

  67

 

How much is the inventory if the lower of cost or market rule is applied to each item of inventory?

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