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.
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