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What is amount for inventory that Rensic Inc should report

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Question - Rensic Inc. values its inventory at the lower of cost or net realizable value (LCNRV) as required by IFRS. Rensic has the following information regarding its inventory:

Historical cost $1,500

Estimated selling price 1,350

Estimated costs to complete and sell 75

Replacement cost 1,200

Required: What is the amount for inventory that Rensic Inc. should report on the balance sheet under the lower of cost or net realizable value method?

Reference no: EM132241647

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