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What is the impact on the firm reported net income

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Q1. Lucas moura inc is testing whether the inventory is impaired. Currently, the product's fair value is $120,normal profit margin is $20.Lucas can replace the inventory for $102 while the inventory's carrying value is $125.Given the information, under US GAAP the inventory should be written down by?

Q2. Using the same information question 1, if the selling price has increased by $35, what is the impact on the firm's reported net income?

Reference no: EM132904458

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