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2. Assume that the company wishes to prepare financial statements for the year to issue to its shareholders. a. Is the $215,000 figure for
2. Assume that the company wishes to prepare financial statements for the year to issue to its shareholders. a. Is the $215,000 figure for finished goods inventory the correct amount to use on these statements for external reporting purposes? Yes No b. At what dollar amount should the 5,000 units be carried in inventory for external reporting purposes? Inventory value for external reporting purposes
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