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Rankin Corporation's accountant compiled the information in the table below. Therefore, what is the amount of inventory that Rankin should report on its balance sheet?

Rankin Corporation's accountant compiled the information in the table below. Therefore, what is the amount of inventory that Rankin should report on its balance sheet? Cost of inventory, LIFO $600,000 Selling price $720,000 Costs needed to sell $30,000 Normal profit margin $80,000 Replacement cost $620,000

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