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Paul Corporation uses FIFO and reports the following inventory information: Cost NRV December 31, 2019 $312,000 $298,000 Assume Paul Corporations inventory at January 1, 2019

Paul Corporation uses FIFO and reports the following inventory information: Cost NRV December 31, 2019 $312,000 $298,000 Assume Paul Corporations inventory at January 1, 2019 had a cost and net realizable value of $300,000

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