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The following inventory information above was taken from the records of Stock Ltd: Stock Ltd Inventory Inventory Cost Historic cost $24,000 Replacement cost $16,000 Selling

The following inventory information above was taken from the records of Stock Ltd: Stock Ltd Inventory Inventory Cost Historic cost $24,000 Replacement cost $16,000 Selling price (SP) $20,000 Costs to complete and sell $1,000 Normal profit margin 10% of SP Under U.S. GAAP, how would ending inventory be measured if FIFO was used

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