FINANCIAL ACCOUNTING
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Transcribed Image Text:M7-14 Reporting Inventory under Lower of Cost or Market/Net
Realizable Value
LO 7-4
The Jewel Fool had the following inventory items on hand at the end of the year.
Quantity Cost per Item
Value per Item
10
$75
$70
50
40
60
Necklaces
Bracelets
Determine the lower of cost or market/net realizable value per unit and the total
amount that should be reported on the balance sheet for each item of inventory.
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