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(Questions #13-#14 Lower of Cost or NRV) : The following inventory information was taken from the records of Kleinfeld Inc.: Historical cost $12,000 Replacement cost
(Questions #13-#14 Lower of Cost or NRV): The following inventory information was taken from the records of Kleinfeld Inc.:
Historical cost $12,000
Replacement cost 7,000
Expected selling price 9,000
Expected selling cost 500
Normal profit margin 50% of selling price
______ 13. Under IAS 2, what should the balance sheet report for Inventory?
$7,000
$8,500
$7,600
$9,000
None of the Above
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