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What is the cost amount that should be used

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Question - Given the historical cost of product Dominoe is $31, the selling price of product Dominoe is $36, costs to sell product Dominoe are $3, the replacement cost for product Dominoe is $32, and the normal profit margin is 40% of sales price, what is the cost amount that should be used in the lower-of-cost-or-market comparison?

Reference no: EM132563317

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