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3. North Company is preparing the annual financial statements dated December 31, 2020. Information about...

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Accounting

3. North Company is preparing the annual financial statements dated December 31, 2020. Information about inventory stocked for regular sale follows: Quantity Unit Cost When Replacement Cost Item on Hand Acquired (market) at year end A 100 $30 $20 B 80 25 28 C 35 55 58 D 75 40 35 a. Compute the valuation for the December 31, 2020, inventory using the lower of cost or market basis. Make necessary adjusting journal entry(ies) b. Sold 15 units of Item A at $25 each and written-off 5 units of Item D. Make necessary journal entries.

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