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What should be the carrying value of Bobby inventory

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Question - Bobby Corporation has determined its year-end inventory on a FIFO basis to be $500,000. Information pertaining to that inventory is as follows:

Selling price $520,000

Disposal costs 30,000

Normal profit margin 60,000

Replacement cost 440,000

What should be the carrying value of Bobby's inventory if the company prepares its financial statements according to International Financial Reporting Standards?

Reference no: EM133108811

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