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Financial Accounting

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Valuation using LCM

FINACT-RFCWWE

Orange Inc. paid \$3,000 on December 1, 2014 for its inventory (model number OR7533967). By December 31, it could be replaced for only \$1,800 due to an improvement in technology. The company used lower-of-cost-or-market (LCM) to perform valuation of the inventory item.

What was the total amount of value change of its inventory on December 31?