Business, 04.07.2020 18:01 sarahcyberpony

Blossom Distribution Co. has determined its December 31, 2020 inventory on a LIFO basis at $962000. Information pertaining to that inventory follows: Estimated selling price $1000000 Estimated cost of disposal 38000 Normal profit margin 118000 Current replacement cost 882000 Blossom records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2020, the loss that Blossom should recognize is

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Blossom Distribution Co. has determined its December 31, 2020 inventory on a LIFO basis at $962000....

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