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Question - You are the accountant for Lorac Corporation. You are using the lower-of-cost-or-market rule to determine the carrying value for inventory in 4 separate cases (Basic Info is below). Assume in each case that the costs of disposal etc are $16 per unit and that the normal profit is $10 per unit.
Selling Price
Cost
Replacement Cost
Case #1
$118
$94
$86
Case #2
$80
$72
Case #3
$120
$90
$88
Case #4
$96
$84
Required - Calculate the limits for each case. Then enter the amount that should be used for lower of cost or market.
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