Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN: 9781285595047
Author: Weil
Publisher: Cengage
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
Transcribed Image Text:The following information pertains to inventory held by a company at
December 31, 2013.
Historical cost
$ 25,000
Replacement cost
$ 20,000
Net realizable gain
$ 21,000
Normal profit margin
20%
What amount of inventory should be reported under U.S. GAAP?
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