Question: 2 . Merchandise inventory that cost $ 6 3 0 , 0 0 0 was reported on the statement of financial position at $ 6

2. Merchandise inventory that cost $630,000 was reported on the statement of financial position at $690,000, which is the expected selling price less estimated selling costs. The following entry was made to record this increase in value:
Inventory
60,000
Sales Revenue
60,000

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