Whittier Construction Co. had followed the practice of expensing all materials assigned to a construction job without

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Whittier Construction Co. had followed the practice of expensing all materials assigned to a construction job without recognizing any residual inventory. On December 31, 2015, it was determined that residual inventory should be valued at CHF52,000. Of this amount, CHF29,000 arose during the current year. How does this information affect the financial statements to be prepared at the end of 2015?

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