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what inventory amount appears on the firm's balance sheet as of March 31, 2022? Clothing retailer Forever Young has $1,000,000 of clothing in its warehouses
what inventory amount appears on the firm's balance sheet as of March 31, 2022?
Clothing retailer Forever Young has $1,000,000 of clothing in its warehouses as of December 31, 2021. Based on past experience, the firm estimates that 6% of its clothing is unlikely to be sold due to changing customer preferences. Inventory is particularly slow moving during the first quarter of 2022, with only $798,649 of clothing in its warehouse selling during January, February, and March. No additional inventory was acquired or disposed of by the firm during the first quarter of 2022. The firm prepares quarterly financial statements and the controller estimates that as of March 31, 2022 the firm's inventory obsolescence estimate should be increased from 6% to 11%. Using only this information, what 'Inventory' amount appears on the firm's Balance Sheet as of March 31, 2022? [Formatting: Round your final answer to the nearest dollar.]
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