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Determine value of ending inventory using the lower-of-cost

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The following information pertains to Hagen Metal Work's ending inventory for the current year:

Unit        Item Quantity           Cost              Market Value

C                  150                       $ 14            $12

D                  140                      16                   14

K                   48                         12                 13

M                  29                          9                    14

Required

Question a. Determine the value of the ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item and the inventory in aggregate.

Reference no: EM132531162

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