Current replacement cost of the ending inventory

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Reference no: EM13863816

Assume that a Queen Burger restaurant has the following perpetual inventory record for hamburger patties:

Requirements

R1. At April 30, the accountant for the restaurant determines that the current replacement cost of the ending inventory is $515. Make any adjusting entry needed to apply the lower-of-cost-or market rule. Inventory would be reported on the balance sheet at what value on April 30?

Reference no: EM13863816

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