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Samson Company had the following balances and transactions during 2015

January 1 Beginning inventory; 20 units at $70 each

March 10 Purchased 10 units a $80 each

June 10 Sold 23 units for $100

December 31 Replacement cost $75 each

What would Samsons Companys inventory amount be on December 31, 2015 if the FIFO method was used with lower of cost or market?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92811629

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