A company has its merchandise classified into two broad groups. In the 2022 ending inventory, the cost and net realizable value (NRV) of each group was:
Cost (FIFO)
Net Realizable Value
Group 1
$230,000
$200,000
Group 2
280,000
The company applies the "Lower of cost or NRV" rule to each individual group and then adds the two results together.
Find the final inventory that the company presented in its 2022 financial statement?

Answer rating: 100% (QA)

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