Determine what amount would be reported on balance sheet

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Reference no: EM13515292

Reporting Inventory Under Lower of Cost or Market - Knight Company had the following inventory items on hand at the end of the year.

Quantity

Cost per Item

Replacement Cost per Item

Item A

70

$85

$100

Item B

30

60

55

Computing the lower of cost or market on an item-by-item basis, determine what amount would be reported on the balance sheet for inventory.

Reference no: EM13515292

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