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Test: CPA Financial Accounting and Reporting (FAR)
1. | Troy, Inc has inventory with a FIFO cost of $17,730, net realizable value of $17,850, replacement cost of $17,490, and net realizable value less normal profit of $17,545. What amount should Troy report as ending inventory in its balance sheet at year-end? |
$31,100
$32,400
$16,400
$64,800
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