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At the end of the 2016 accounting period DeYoung Company determined that the market value of its inventory was $79,800. The historical cost of this
At the end of the 2016 accounting period DeYoung Company determined that the market value of its inventory was $79,800. The historical cost of this inventory was $81,400. DeFazio uses the perpetual inventory method. The entry necessary to reduce the inventory to the lower of cost or market will
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