After the holiday season, at the end of its annual reporting period, a toy manufacturer estimates that
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After the holiday season, at the end of its annual reporting period, a toy manufacturer estimates that some of the toys it holds with a historical cost of $700,000 are unsaleable. Which entries, if any, should be recorded given that estimate? Why would it make sense to value inventory at the lower of cost or market? What is the underlying accounting principle that motivates this decision?
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Related Book For 
Practical Finance For Operations And Supply Chain Management
ISBN: 9780262043595
1st Edition
Authors: Alejandro Serrano, Spyros D. Lekkakos, James B. Rice
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