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Moberg company sells three different categories of tools

Question - Moberg Company sells three different categories of tools (small, medium, and large). The cost and market value of its inventory of tools are as follows.

Cost Market Value - Small $ 63,200$ 72,000Medium289,400260,800Large152,100172,800

Determine the value of the company's inventory under the lower-of-cost-or-market value approach.

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Accounting Basics: Moberg company sells three different categories of tools

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Accounting Basics: Moberg company sells three different categories of tools

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