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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.
11Multiple Choice Question 72
Which one of the following inventory methods is often impractical to
use?
LIFO
FIFO
Specific identification
Average cost
12 Multiple Choice Question 132
Overstating ending inventory will overstate all of the following except
net income.
owner’s equity.
assets.