Novak Corp. developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories: Product Cost Market
A $139000 $146000
B 98000 93000
C 195000 198000
If Novak applies the LCM basis, the value of the inventory reported on the balance sheet would be:
a. $442000
b. $432000
c. $437000
d. $427000
Answers: 1
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