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Sheffield Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCNRV) basis in valuing inventories: If Sheffield applies the LCNRV
Sheffield Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCNRV) basis in valuing inventories: If Sheffield applies the LCNRV basis, the value of the inventory reported on the balance sheet would be $363000.$374000.$352000.$341000
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