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Lower of Cost or MarketPresented Below Is Data Relative to the 12/31/14

Question 42

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Lower of Cost or MarketPresented below is data relative to the 12/31/14 inventory of Lance Company: Lower of Cost or MarketPresented below is data relative to the 12/31/14 inventory of Lance Company: Additional Data:Selling price is $2.00/unit for all items. Disposal costs amount to 10% of selling price and a normal profit is 35% of selling price. InstructionsComplete the last four columns above. Additional Data:Selling price is $2.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal" profit is 35% of selling price.
InstructionsComplete the last four columns above.

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