A company must record a loss (or an increase in cost of goods sold) when net realizable

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A company must record a loss (or an increase in cost of goods sold) when net realizable value is lower than cost. Should a company record a gain when net realizable value is higher than cost? Explain.

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Accounting Principles Part 1

ISBN: 978-1118306789

6th Canadian edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

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Question Posted: Mar 15, 2017 11:17 AM

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A company must record a loss (or an increase in cost of goods sold) when net realizable

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No Net realizable value is usually higher than t...View the full answer

Accounting Principles Part 1

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