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Business, 18.03.2021 01:10 judali

​Kim's Retail had 500 units of inventory on hand at the end of the year. These were recorded at a cost of​ $17 each using the​ last-in, first-out​ (LIFO) method. The current replacement cost is​ $14 per unit. The selling price charged by​ Kim's Retail for each finished product is​ $24. In order to record the adjusting entry needed under the​ lower-of-cost-or-market rule, the Merchandise Inventory will be​ .

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