general account solution wanted The following information pertains to inventory held by a company atDecember 31, 2013.Historical cost$ 25,000Replacement cost$ 20,000Net realizable gain$ 21,000Normal profit margin20%What amount of inventory should be reported under U.S. GAAP?

Under U.S. GAAP, inventory is reported at the lower of cost or market (LCM). The "market" value is…

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Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 31E

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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?