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oceanwave1000
Newbie
Newbie

Joined: 21 Aug 2011
Location: United States
Online Status: Offline
Posts: 6

Posted: 28 Aug 2011 at 21:41 \| IP Logged

When using gross profit method, do we value inventory at
cost or retail?

Since Becker material says we value inventory at retail,
however I have read on other websites that it's valued at
cost.

Please advise.
Thank you.

malora88
Contributor

Joined: 27 Nov 2010
Location: United States
Online Status: Offline
Posts: 62

Posted: 30 Aug 2011 at 08:53 \| IP Logged

Inventory is valued at NRV.

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