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H3Ko H3Ko
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8 years ago
Exposition, Inc. had 400 units of inventory on hand at the end of the year. These were recorded at a cost of $18 each using the last-in, first-out (LIFO) method. The current replacement cost is $15 per unit. The selling price charged by Exposition, Inc. for each finished product is $26. As a result of recording the adjusting entry as per the lower-of-cost-or-market rule, the gross profit will ________.
A) decrease by $6,000
B) increase by $1,200
C) decrease by $1,200
D) increase by $6,000
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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TanksTanks
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H3Ko Author
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#2
8 years ago
I just realized you had posted this! Thanks so much
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