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Lialia Co. has determined the cost of its fiscal year-end unfinished FIFO inventory to be $300,000. Information pertaining to that inventory at year-end is as
Lialia Co. has determined the cost of its fiscal year-end unfinished FIFO inventory to be $300,000. Information pertaining to that inventory at year-end is as follows:Estimated selling price$330,000Estimated cost of disposal20,000Normal profit margin15%Current replacement cost280,000Estimated completion costs15,000What amount should Lialia report as inventory on its year-end balance sheet?
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