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What is the amount of an adjustment

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Question - At the end of the year, Heath Company's accounting records showed that they had 60 items in stock at a FIFO cost of $12 each. These normally sell for $30 each. However, the physical inventory count found only 50 items. What is the amount of an adjustment, if any, that must be made to the value of the inventory at year-end?

Reference no: EM133149782

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