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7. Infor mation about the ending inventories of Charleston Chair Company is shown below: Current...

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7. Infor mation about the ending inventories of Charleston Chair Company is shown below: Current Replacement Normal Cost of Profit Margin $1,100 Selling Year 2016 2017 2018 Cos $10,000 15,000 20,000 Cost $11,500 13,000 18,600 Price Completion $1,000 1,500 2,200 $12,000 14,000 24,000 1,250 2,900 Required: a. Determine the value of the inventory for each year using the lower of cost or market rule

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