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Home furnishings reports inventory using the

Question - Home Furnishings reports inventory using the lower-of-cost-or-market method. Below is information related to its year-end inventory.

Inventory:

Furniture (Quantity: 100) (Cost: $75) (Market: $90)

Electronics (Quantity: 40) (Cost: $300) (Market: $250)

Calculate ending inventory under lower-of-cost-or-market.

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Accounting Basics: Home furnishings reports inventory using the

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