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Information pertaining to the inventory of Palette Company follows. The company has...

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Accounting

Information pertaining to the inventory of Palette Company follows.
The company has a normal profit margin of 20% of selling price and has no additional costs to
complete or sell the items.
What is the lower-of-cost-or-market value of the company's inventory applying the rule to (a) each
individual item and (b) to each inventory category?
Select one:
a. Inventory item: $147,200; Inventory Category: $147,200
b. Inventory item: $150,400; Inventory Category: $150,400
c. Inventory item: $143,520; Inventory Category: $150,400
d. Inventory item: $141,120; Inventory Category: $147,520
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