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What is the amount of an adjustment

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Question - At the end of the year, Balliol Company's accounting records showed that they had 75 items in stock at a FIFO cost of $10 each. These normally sell for $20 each. Due to increased competition, these items can now be sold for only $14 each. What is the amount of an adjustment, if any, that must be made to the value of the inventory at year-end?

Reference no: EM133137502

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