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If the Cost of an Item of Inventory Is $70

Question 24

Multiple Choice

If the cost of an item of inventory is $70, the current replacement cost is $65, and the sales price is $85, the amount included in inventory according to the lower-of-cost-or-market method is:


A) $65.
B) $70.
C) $85.
D) $160.

Correct Answer:

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