Solved: The replacement cost of this merchandise is currently 21, Accounting Basics

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The replacement cost of this merchandise is currently 21

Question - A company had been selling its product for $36 per unit, but recently lowered the selling price to $23 per unit. The company's current inventory consists of 240 units purchased at $32 per unit. The replacement cost of this merchandise is currently $21 per unit. At what amount should the company's inventory be reported on the balance sheet under the lower of cost or market rule?

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Accounting Basics: The replacement cost of this merchandise is currently 21

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