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Cullumber Company sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2017: Coffee Bean Type Units of inventory Unit cost Market Value/Unit Coffea Arabica 14,200 $5.30 $5.24 Coffea robusta 5,100 $3.70 $3.80 Calculate the value Cullumber should report for ending inventory on December, 31, 2017 after applying the lower-of-cost-or-market rule.
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Cullumber Company sells coffee beans, which are sensitive to price fluctuations. The following inven...
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