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What is the corrected amount for total assets and net income

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Question :

What factors might call for inventory valuation at sales prices (net realizable value or market price)?

Vaughn Inc. reported total assets of $6392000 and net income of $508000 for the current year. Vaughn determined that inventory was understated by $137000 at the beginning of the year and $58800 at the end of the year. What is the corrected amount for total assets and net income for the year?

Reference no: EM132359863

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