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The Company uses the lower-of-cost-or-market approach. The replacement cost of an inventory item is $77.00....

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Accounting

The Company uses the lower-of-cost-or-market approach. The replacement cost of an inventory item is $77.00. Net realizable value is $86.91. Net realizable value less a normal profit margin is $67.00. The cost of the item is $77.42. The inventory item would be valued at:
$77.00
$77.42
$67.00
$86.91
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