Solved: Montana co has determined its year-end inventory on a fifo, Accounting Basics

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Montana co has determined its year-end inventory on a fifo

Question - Montana Co. has determined its year-end inventory on a FIFO basis to be $606,000. Information pertaining to that inventory is as follows:

Selling price $620,000

Disposal costs 33,000

Normal profit margin 72,000

Replacement cost 528,000

What should be the carrying value of Montana's inventory?

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Accounting Basics: Montana co has determined its year-end inventory on a fifo

Reference No:- TGS02582462

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Accounting Basics: Montana co has determined its year-end inventory on a fifo

Reference No:- TGS02582462

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