Reporting Inventory at Lower of Cost or Market,Jones Company is preparing the annual financial…

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Reporting Inventory at Lower of Cost or Market,Jones Company is preparing the annual financial statements dated December 31, 2012. Ending inventory information about the five major items stocked for regular sale follows:,Required:,Compute the valuation that should be used for the 2012 ending inventory using the LCM rule applied on an item-by-itembasis.

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