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What the value of inventory

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Question - The following information relates to Royal Manufacturers:

Cost of inventory = $54,000

Estimated selling price = $72,000

Estimated selling costs = $15,000

Replacement cost = $52,000

Normal profit margin = $7,000

Assuming that the company follows U.S. GAAP, and uses the LIFO method, what the value of inventory that it should record on its balance sheet?

Reference no: EM133089361

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