Cougar Corp. purchased 200 units of inventory for $15 per item on July 20. On July 31, the items were made obsolete by a newly released product. The effect of this change caused the items purchased on July 20 to only be worth $8. What amount would Cougar Corp, report on its financial statements related to this inventory? a) $1,600 (200 units x 58 per item)
b) $1,400 (200 units X $7 per item)
c) $3,000 (200 units x $15 per item)
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