If the historical cost of an item of inventory is $70, the current replacement cost is $75,
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Question:
If the historical cost of an item of inventory is $70, the current replacement cost is $75, and the sales price is $85 with a cost of disposal of $5, the amount included in inventory according to the lower-of-cost-or-market method is ____.
a. $80
b. $75
c. $70
d. $85
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