that the company should report in balance sheet.

$8.$ Pluto Corporation purchased inventory for$ $101,100.$The company plans to sell it at $$103,300,$ but

estimates that it will incur selling costs of $$3,300.$ The company also estimates that the replacement

cost of its inventory is $$95,000.$ Assuming a normal profit margin of $$4,000$ and that thecompany. WHATARE THE RESULT UNDER LIFO AND FIFO IN US GAAP

follows U$.$S$.$ GAAP, determine the value of inventory it should report on its balance sheet.

Answer rating: 100% (QA)

Under US GAAP when determining the value of inventory to be reported on the balance sheet the lower ... View the full answer