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What is inventory valuation under US GAAP

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Reference no: EM131818377

Scenario: Blues Corporation has 100,000 electric guitars with the following attributes:

Cost of inventory item = $100

NRV (ceiling) = $95

Replacement cost = $90

NRV minus a normal profit margin (floor) = $85

Question: What is inventory valuation under US GAAP?

Reference no: EM131818377

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