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What is final amount that should be used in lower of cost

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Question 1: Given the historical cost of product Dominoe is $22, the selling price of product Dominoe is $30, costs to sell product Dominoe are $5, the replacement cost for product Dominoe is $20, and the normal profit margin is 20% of sales price, what is the market value that should be used in thee lower-of-cost-or-market comparison?

Question 2: What is the final amount that should be used in the lower of cost of market?

Reference no: EM132487229

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