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Dumbledore | |
Inventory should be value at cost or net realizable value which ever is lower. | |
Calculating net realizable value | Amount $ |
Selling price | 739,000.00 |
Less: Costs to sell | 61,000.00 |
Net realizable value | 678,000.00 |
LIFO Value | 609,000.00 |
Lower of Net realizable value or LIFO is LIFO. | |
So inventory should be value at LIFO value i.e. $ 609,000. |
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