Question: QUESTION 4 Framers World sells picture frames. The following data are gathered for use in determining the lower-of-cost-or-market valuation of ending inventory. Item Units Net

QUESTION 4 Framers World sells picture frames. The following data are

QUESTION 4 Framers World sells picture frames. The following data are gathered for use in determining the lower-of-cost-or-market valuation of ending inventory. Item Units Net Realizable Replacement Value (NRV) Current NRV lessOriginal Cost Normal Profit Cost 4 x 6 5 x 7 8 x 10 10 x 14 410 805 1,500 225 $1.50 3.60 6.10 12.70 $2.70 5.50 7.25 12.05 $1.75 3.25 6.30 9.00 $1.55 3.50 6.25 11.00 Using the item-by-item basis for calculating lower of cost or market, the value of inventory is

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