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The following information was taken from the inventory records of the Peter Park Company:
Product
A
B
C
D
E
Replacement Cost
$4.00
$8.00
$7.00
$8.80
$2.50
Selling Price
$7.50
$10.00
$5.00
Selling Expenses
$1.00
$1.50
$2.00
$0.50
Normal Profit
Cost
$9.00
$6.00
$3.00
Units
200
400
350
450
500
Floor
Ceiling
Lower-of-cost-or-market
Required:
Determine the valuation of the inventory at the lower of cost or market applied to:
a.
individual items
b.
the inventory as a whole
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