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Unformatted text preview: prices would be increased 10 percent. On the basis of the notice, Retail Auto Parts revalued its December 31, 1999, inventory to reflect the higher costs. The inventory constituted a material proportion of total assets; however, the effect of the revaluation was material to current assets but not to total assets or net income. The increase in valuation is adequately disclosed in the footnotes....
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- Fall '08
- Balance Sheet, Generally Accepted Accounting Principles, retail auto parts, GAAP departure