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Business, 22.03.2021 20:00 cadence58

Pharoah Distribution Co. has determined its December 31, 2020 inventory on a LIFO basis at $908000. Information pertaining to that inventory follows: Estimated selling price $940000 Estimated cost of disposal 32000 Normal profit margin 112000 Current replacement cost 828000 Pharoah records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2020, the loss that Pharoah should recognize is

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Pharoah Distribution Co. has determined its December 31, 2020 inventory on a LIFO basis at $908000....
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