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Compute the inventory valuation

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Question - The December 31, 2020 inventory of Cullumber Company consisted of four products, for which certain information is provided below.

Product

Original Cost

Replacement Cost

Estimated Disposal Cost

Expected Selling Price

Normal Profit on Sales

A

$24.00

$22.00

$5.00

$43.00

30.00%

B

$46.00

$44.00

$9.00

$54.00

25.00%

C

$148.00

$143.00

$24.00

$180.00

30.00%

D

$19.00

$15.90

$3.00

$29.00

10.00%

Using the lower-of-cost-or-market approach applied on an individual-item basis, compute the inventory valuation that should be reported for each product on December 31, 2020?

Reference no: EM133075003

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