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Multiple Choice Question 126
Switzer, Inc. has 5 computers which have been part of the
inventory for over two years. Each computer cost $600 and
originally retailed for $900. At the statement date, each computer
has a current replacement cost of $400. How much loss should
Switzer, Inc., record for the year?
$2,000.
$2,500.
$1,000.
$1,500.
11-
Multiple Choice Question 72
Which one of the following inventory methods is often impractical
to use?
LIFO
FIFO
Specific identification
Average cost
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Multiple Choice Question 132
Overstating ending inventory will overstate all of the following
except
net income.