Morris Company uses the lower of cost or market rule and applies it using the LIFO method in valuing its inventory. The floor constraint for one item in the inventory is $68.20. The following is other information concerning this unit: Transportation costs $ 4.00 Normal profit margin 12.70 Packaging costs 4.20 The net realizable value for this item is
A) $72.40
B) $55.50
C) $80.90
D) $76.40
C
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Indicate whether the statement is true or false