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Q: 1)Record the adjust inventory down to market. 2) For what amount would MU inventory be reported in the December 31, 2013, balance sheet?

Q: 1)Record the adjust inventory down to market.
2) For what amount would MU inventory be reported in the December 31, 2013, balance sheet?
3) Prepare an updated gross profit section of a partial income statement accounting for this additional information.
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Hi, Please find the... View the full answer

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SOLUTION
Sales Revenue
Date
Qty Rate
Amount
31-Jul 38
305
11590
2230
305
9150
Aug
20107 305
32635
Nov
08-Dec 42
305
12810
66185
Purchases
Date
Qty Rate
Amount
17-Jul 51
149
7599
1245
162
7290
Aug...

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