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Inventory valuation under absorption costing and variable costing
At the end of the first year of operations, 7,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:
Determine the cost of the finished goods inventory reported on the balance sheet under
(a) the absorption costing concept
The lower-of-cost-or-market concept is used in the valuation of inventory. Describe this concept. How does this concept affect your company's profitability, or the profitability of a company with which you are familiar?
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