Inventory that originally cost $12,400 was reduced to its net realizable value of $10,600 at the end

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Inventory that originally cost $12,400 was reduced to its net realizable value of $10,600 at the end of 2021. At the end of 2022, net realizable value is determined to be $12,900.

At what amount should inventory be reported in the December 31, 2022 statement of financial position?

Related Book For answer-question

Understanding Financial Accounting

ISBN: 978-1118849385

1st Canadian Edition

Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald

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Posted Date: Apr 11, 2023 12:17 AM

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Inventory that originally cost $12,400 was reduced to its net realizable value of $10,600 at the end

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The lower of cost and net realizable value NRV rule states th... View the full answer

Understanding Financial Accounting

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