The statement of net cost of a federal agency included the following (in millions):

1. What was the value of the beginning-of-year inventory stated at historical cost?
2. What was the value of the end-of-year inventory stated at historical cost?
3. What would be the cost of goods sold stated at latest acquisition cost?
4. Show how end-of-year inventory would be reflected on the balancesheet.

Transcribed Image Text:

S405 Beginning inventory at beginning-of the-period latest acquisition cost Less: allowance for unrealized holding gains at the beginning of the period $4 Cost of goods available for sale the-period latest acquisition cost Plus: allowance for unrealized holding at the end of the period gains s sold S 49