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Suppose that a sporting goods store has the following inventory at the end of the year. If you apply lower of cost or market, what is the necessary inventory adjustment ?

Units Cost/unit Market/unit
Footballs 20 $25 $30
Baseballs 100 $5 $4
Basketballs 50 $10 $13

 

Accounting Basics, Accounting

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  • Reference No.:- M998688

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