Basic inventory data for April 30 are presented below for a business that employs the lower-of-cost-or-market basis of inventory valuation to each category. (a)Complete the table.(b)Determine the amount of reduction in the inventory at April 30 attributable to market decline.

Question

Basic inventory data for April 30 are presented below for a business that employs the lower-of-cost-or-market basis of inventory valuation to each category.  (a)Complete the table.(b)Determine the amount of reduction in the inventory at April 30 attributable to market decline.

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The Answer of Basic inventory data for April 30 are presented below for a business that employs the lower-of-cost-or-market basis of inventory valuation to each category.  (a)Complete the table.(b)Determine the amount of reduction in the inventory at April 30 attributable to market decline.

Basic Inventory Data for April 30 Are Presented Below for a Business