What should be the reported value of the company inventory

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Question - Waldo & Sons Co. has determined its year-end inventory on a LIFO basis to be $606,000.

Information pertaining to that inventory is as follows: Selling price $726,000, Costs to sell 33,000, Normal profit margin 83,000 and Replacement cost 626,000.

Determine the carrying value of inventory at December 31 by applying the LCNRV or LCM rule, whichever is required when using LIFO.

What should be the reported value of the company's inventory?

Reference no: EM133080751

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