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Jones Company is preparing the annual financial statements dated December 31, 2015. Ending inventory information

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Jones Company is preparing the annual financial statements dated December 31, 2015. Ending inventory information

about the five major items stocked for regular sale follows:

 ENDING INVENTORY, 2015

ItemQuantity on HandUnit Cost When Acquired (FIFO)Replacement Cost

(Market) at Year-EndA 51$16  $13 B 8131  41 C 11   49   53 D 71   26   31 E 351   11   6 

Required:Compute the valuation that should be used for the 2015 ending inventory using the LCM rule applied on an item-by-item basis.

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