Assume the market price per unit (cost to replace) of the R. &. K. Company's inventory on December 31, was $16. Calculate the total amount to be assigned to the ending inventory on December 31, under each of the following methods:
a.
FIFO lower-of-cost-or-market
b.
Weighted-average lower-of-cost-or-market

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The Answer of Assume the market price per unit (cost to replace) of the R. &. K. Company's inventory on December 31, was $16. Calculate the total amount to be assigned to the ending inventory on December 31, under each of the following methods:
a.
FIFO lower-of-cost-or-market
b.
Weighted-average lower-of-cost-or-market

Assume the Market Price Per Unit (Cost to Replace) of the R