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Determine the amount Baxter should report

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Problem - The cost of Baxter's inventory at the end of the year was $50,000. Due to obsolescence, the cost to replace the inventory was only $40,000. Net realizable value-what the inventory could be sold for-is $42,000. Determine the amount Baxter should report on its year-end balance sheet for inventory assuming the company follows (a) U.S. GAAP and (b) IFRS.

Reference no: EM132869001

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