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QUESTION
Once the inventory has been written down, the value of the inventory is never increased! Assume Duncan values its inventory using the FIFO method and...
Once the inventory has been written down, the value of the inventory is never increased! Assume Duncan values its inventory using the FIFO method and determines its ending inventory to be $18,000. However, due to economic conditions, the market value of this inventory is $14,000. What must Duncan do to reflect the impact of this information?
