Question: The following basic inventory data for April 30 are for a business that employs the lower-of-cost-or-market basis of inventory valuation to each item, a. Complete

The following basic inventory data for April 30 are for a business that employs the lower-of-cost-or-market basis of inventory valuation to each item, a. Complete the table. Market Value Total Inventory Quantity 35 Cost per Unit Commodity per Unit Cost Market LCM $52 555 B 20 155 150 25 82 85 D 40 58 55 Total b. Determine the amount of reduction in the inventory at April 30 attributable to market decline

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