Business, 25.12.2019 00:31 steelemaddie20

Madison co. has determined its year-end inventory on a lifo basis to be $600,000. information pertaining to that inventory is as follows:

selling price $ 720,000

costs to sell 30,000

normal profit margin 80,000

replacement cost 620,000

what should be the reported value of madison's inventory?

a) $600,000

b)$620,000

c) $690,000

d) $610,000

Answers: 2

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Madison co. has determined its year-end inventory on a lifo basis to be $600,000. information pertai...

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