Manley Company's inventory has a cost of ($ 48,000) at the end of the year, and the

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Manley Company's inventory has a cost of $\$ 48,000$ at the end of the year, and the current replacement cost of the inventory is $\$ 51,000$. At which amount should the company report the inventory on its balance sheet? Suppose the current replacement cost of the inventory is $\$ 45,000$ instead of $\$ 51,000$. At which amount should Manley report the inventory? What rule governs your answers to these questions?

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