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Blues corporation has 100000 electric guitars with the

Scenario: Blues Corporation has 100,000 electric guitars with the following attributes:

Cost of inventory item = $100

NRV (ceiling) = $95

Replacement cost = $90

NRV minus a normal profit margin (floor) = $85

Question: What is inventory valuation under US GAAP?

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Accounting Basics: Blues corporation has 100000 electric guitars with the

Reference No:- TGS02613884

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Accounting Basics: Blues corporation has 100000 electric guitars with the

Reference No:- TGS02613884

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