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Blank company sells three different categories of tools

Question - Blank Company sells three different categories of tools (small, medium and large). The cost and market value of its inventory of tools are as follows.

Cost Market

Small $65,088 $74,241

Medium 294,930 264,420

Large 154,584 173,907

Determine the value of the company's inventory under the lower-of-cost-or-market approach.

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Accounting Basics: Blank company sells three different categories of tools

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