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Compute the carrying value of meredith ending inventory

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Question - Meredith's Appliance Store has the following data for the items in its inventory at the end of the accounting period.

Item

Number of Units

Historical Cost per Unit

Market Value per Unit

Window air conditioner

15

$194

$110

Dishwasher

34

240

380

Refrigerator

27

382

605

Microwave

19

215

180

Washer (clothing)

36

195

290

Dryer (clothing)

21

168

245

Required: Compute the carrying value of Meredith's ending inventory using the lower of cost or market rule applied on an item-by-item basis.

Reference no: EM131769657

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