View Policies Current Attempt in Progress CP Co. is a producer of high quality paper. At the end of 2020, the company president noted that the domestic market price of paper had been dropping. During 2020, tonnes of paper that they had produced at an average cost of $546 per tonne could be sold at the end of December 2020 for only $504 per tonne. CP Co. has also been working to reduce its production costs, hoping that they can reduce it to $485 per tonne in 2021. If the company has 1,490 tonnes of newsprint on hand on December 31, 2020, at what dollar amount should they value and report their inventory? Value of inventory Save for Later Attempts: 0 of 1 used Submit