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Calculate value cullumber should report for ending inventory

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Question - Cullumber Company sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2017:

Coffee Bean Type

Units of inventory

Unit cost

Market Value/Unit

Coffea Arabica

15,200

$5.40

$5.32

Coffea robusta

6,100

$4.20

$5.00

Calculate the value Cullumber should report for ending inventory on December, 31, 2017 after applying the lower-of-cost-or-market rule?

Reference no: EM133154436

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