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    Balance Sheet/Inventory

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    The following informatiom pertains to item #AB345 of inventory of ABC Educational Systems INC:

    Cost $45 per unit
    Replacement cost $46 per unit
    Selling price $52 per unit

    The physcial inventory indicates 900 units of item #AB345 on hand. What amount will be reported on the ABC Educational System, Inc's balance sheet for the inventory item?

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    Solution Summary

    Should inventory be recorded at Cost, Replacement Cost, or Selling Price is determined.