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It is December 31 the end of the year, and the controller of Saxton Corporation is applying the lower-of-cost-or-market LCM rule to inventories Before any year-end adjustments Saxton reports the

It is December 31, the end of the year, and the controller of Saxton Corporation is applying the lower-of-cost-or-market (LCM) rule to inventories. Before any year-end adjustments, Saxton reports the following data:

Cost of goods sold , ……………………… $445,000

Historical cost of ending inventory

As determined by a physical count ………… 58,000

Saxton determines that the current replacement cost of ending inventory is $45,000. Show what Saxton should report for ending inventory and for cost of goods sold. Identify the financial statement where each item appears.

Apr 02 2020 View more View Less

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