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How should the inventory of clothes be valued

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Reference no: EM132770473

Problem 1: Under ASPE, where are gains/losses resulting from translating a self-sustaining foreign subsidiary reported?

a. Under net income

b. Under other comprehensive income

c. As a separate component under shareholders' equity

d. In the notes to the financial statements

Problem 2: A not-for-profit organization (NFPO) received a large donation of clothes from a local department store. The NFPO will be distributing the clothes at its annual back-to-school event. How should this inventory of clothes be valued?

a. Estimated fair value

b. Estimated cost

c. Estimated replacement value

d. $0

Reference no: EM132770473

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