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How determine the value of inventory

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Q1. You are an accountant of a company and you find at the end of the year that no records for inventory exist, and taking physical inventory is just impracticable. Given this situation, how do you determine the value of inventory?

Q2. If you are an accountant at a manufacturing company and have been assigned to take physical inventory to be reported in the balance sheet, what items will you include in the inventory? What criterion would you use to make a decision that a particular item should be included in or excluded from the inventory?

Reference no: EM132453978

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