(Learning Objective 3: Apply the lower-of-cost-or-market rule to inventory) It is December 31,… 1 answer below »

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(Learning Objective 3: Apply the lower-of-cost-or-market rule to inventory) It is December 31, the end of the year, and the controller of Raney Corporation is applying the lower-of-cost-or-market (LCM) rule to inventories. Before any year-end adjustments, Raney reports the following data:

Raney determines that the current replacement cost of ending inventory is $52,000. Show what Raney should report for ending inventory and for cost of goods sold. Identify the financial statement where each item appears.

 

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