Question
Montana Co. has determined its year-end inventory on a FIFO basis to be $606,000. Information pertaining to that inventory is as follows. Selling price =
Montana Co. has determined its year-end inventory on a FIFO basis to be $606,000. Information pertaining to that inventory is as follows.
Selling price = $620,000
Disposal costs = $33,000
Normal profit margin = $72,000
Replacement cost = $528,000
What should be the carrying value of Montana's inventory?
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Intermediate accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
7th edition
978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094
