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Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Quantity 51 Cost per Unit Market Value per UniPeriodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during the yeaMY UDJECLIVE 3 Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 88 units @ $17 5 Sale

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Answer #1

1.

Value if inventory

= (51 * lower of 32 or 27) + (105 * lower of 16 or 18)

= (51*27) + (105*16)

= 3057

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