Tico has 1000 units of merchandise on hand at year end., Ask an Expert

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Tico has 1000 units of Merchandise on hand at year end. Each unit cost $32, has a replacement cot of $29, has an estimated selling price of $42, has a disposal cost of 4, and has a estimated normal mark-up of $ 7. If Tico applies the lower of cost or market (LCM) rule, what is the ceiling or upper limit?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M941771

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