Using the FIFO method, the cost of inventory at the end is $15,500, and the market price is $14,500. Using the lower-of-cost-or-market rule, the inventory cost in the financial statement will be:
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Home » Business » Using the FIFO method, the cost of inventory at the end is $15,500, and the market price is $14,500. Using the lower-of-cost-or-market rule, the inventory cost in the financial statement will be: