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…

Answered: The following information pertains to…

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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es w TB MC Qu. 8-111 (Static) A company has the following information available... A company has the following information available that was used to report inventory using the dollar-value LIFO method. Year 12/31/2023 12/31/2024 Cost Index 1.00 1.06 For the year ended 12/31/2024, the company reported inventory of $274,540 (= $259,000 x 1.06). Which of the following statements is correct? F2 Year-End Cost $ 250,000 259,000 Multiple Choice O # The amount reported for ending inventory should be calculated as $250,000+ ($9,000 + 1.06). The amount reported for ending inventory should be calculated as $259,000 + 1.06. The amount reported for ending inventory is correct. 20 F3 $ 000 F4 % F5 < Prev A S F6 16 of 16 & # K F7 Next * * O DII F8 44 F9 A F10 A FIT

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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?