FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question:23 You are reviewing the records for your business and the accounting department has given you the following inventory schedule. Inventory Item Cost of item Market Value A B $ 4,650 $5,500 7,200 6,550 0 6,100 6,100 D E 4,100 5,000 8,050 9,400 FL 9,400 9,050 When the financial statements are prepared and assuming the accounting department analyzes each item separately, the amount presented on the balance sheet in Inventory will be
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Transcribed Image Text:Question:23 You are reviewing the records for your business and the accounting department has given you the following inventory schedule. Inventory Item Cost of item Market Value A B $ 4,650 $5,500 7,200 6,550 0 6,100 6,100 D E 4,100 5,000 8,050 9,400 FL 9,400 9,050 When the financial statements are prepared and assuming the accounting department analyzes each item separately, the amount presented on the balance sheet in Inventory will be
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