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Goosen Company has determined its year-end inventory on a FIFO basis to be $708,000. Information pertaining to that inventory is as follows: Selling price $
Goosen Company has determined its year-end inventory on a FIFO basis to be $708,000. Information pertaining to that inventory is as follows:
Selling price | $ | 735,000 | |
Costs to sell | 37,400 | ||
Normal profit margin | 87,500 | ||
Replacement cost | 635,000 | ||
What should be the reported value of Goosen's inventory?
Multiple Choice
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$697,600.
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$615,000.
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$635,000.
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$708,000.
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