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Mikhail Company reports the following information for inventory at the end of its fiscal year: Cost $500,000 Costs of completion, disposal, and transportation 20,000 Net
Mikhail Company reports the following information for inventory at the end of its fiscal year: Cost $500,000 Costs of completion, disposal, and transportation 20,000 Net realizable value (NRV) 460,000 Normal profit margin 30,000 Current replacement cost 450,000 Which of the following is a true statement about the measurement of the ending inventory? A. Under the LIFO method, inventory is $430,000. B. Under the weighted-average method, inventory is $480,000. C. Under the FIFO method, inventory is $460,000. D. Under the retail method, inventory is $460,000
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