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A not-for-profit organization began the fiscal year with $25,000 in inventory and purchased an additional $100,000 worth of inventory throughout the fiscal year. If the
A not-for-profit organization began the fiscal year with $25,000 in inventory and purchased an additional $100,000 worth of inventory throughout the fiscal year. If the supplies expense shown on the activity statement at the end of the fiscal year is $95,000, what would the inventory shown under assets on the balance sheet be as of the last day of the fiscal year? Assume the organization uses LIFO. A. $5,000 B. $25,000 C. $30,000 D. $35,000 E. Cannot tell from the information given
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