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Question - You are provided with the following information for the inventory items of a firm. This company reports its inventory using LIFO.
Item
Cost
NRV
NRV Less NPM
Replacement Cost
A
$40,000
$50,000
$17,000
$24,000
B
10,000
8,000
9,000
6,000
C
15,000
12,000
14,000
D
25,000
35,000
40,000
30,000
E
45,000
18,000
F
32,000
22,000
24,000
Instructions -
(1) Using your knowledge of accounting, how much should this company's inventory be reported at for the current period?
(2) What is the effect on the company's cost of goods sold account, if any?
(3) The financial manager believes that whether a company uses FIFO, LIFO, or weighted average, inventory should always be reported at cost since this provides the most accurate representation of the company's inventory account. Do you agree with this statement? Why or why not?
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