Business, 01.04.2020 18:36 Destine1965
A company accounts for its inventory using the first-in, first-out (FIFO) method. The following information pertains to the inventory at the end of the fiscal year:
Historical cost $150,000
Current replacement cost 120,000
Net realizable value (NRV) 125,000
Normal profit margin 15,000
Fair value 140,000
What amount should the company report as inventory on its year-end balance sheet?
A. $150,000
B. $140,000
C. $120,000
D. $125,000
Answers: 1
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A company accounts for its inventory using the first-in, first-out (FIFO) method. The following info...
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