Question: CPP has determined its year-end inventory on a LIF basis to be $600,000. Information pertaining to that inventory is as follows: Selling price $720,000 Costs

CPP has determined its year-end inventory on a LIF basis to be $600,000. Information pertaining to that inventory is as follows: Selling price $720,000 Costs to sell 30,000 Normal profit margin 80,000 Replacement cost 620,000 How much of inventory should be written down? 90,000 20,000 00 10,000

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