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Determining Lower of Cost or Market The following data refer to Froning Companys ending inventory....

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Accounting

Determining Lower of Cost or Market

The following data refer to Froning Companys ending inventory.

Item Code Quantity Unit Cost Unit Market
LXC 500 $45 $48
KWT 210 38 34
MOR 300 22 20
NES 200 27 32

Determine the ending inventory amount by applying the lower of cost or market rule to: (a) each item of inventory $Answer (b) the total inventory. $Answer

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