The following information pertains to inventory held by a company at December 31, 2011.

What amount of inventory should be reported under U.S. GAAP?

Question 1 options:

	$21,000
	$20,000
	$25,000
	$16,000 explain

Historical cost Replacement cost Net realizable value Normal profit Margin $25,000 $20,000 $21,000 20%