Accounting MCQ Accounting Chapter 9 Sullivan Corporation. has determined its year-end inventory on a FIFO basis to be $500,000. Information pertaining to that inventory is as follows:

Sullivan Corporation. has determined its year-end inventory on a FIFO basis to be $500,000. Information pertaining to that inventory is as follows:

Naim 00:52 Accounting Chapter 9

Sullivan Corporation. has determined its year-end inventory on a FIFO basis to be $500,000.
Information pertaining to that inventory is as follows:

selling price: $520,000
disposal cost: 30,000
normal profit margin: 60,000
replacement cost: 440,000
What should be the carrying value of Sullivan's inventory if the company prepares its financial
statements according to International Financial Reporting Standards?

A. $500,000.
B. $440,000.
C. $430,000.
D. $490,000.

Answer: D. $490,000.

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Accounting MCQ

Sullivan Corporation. has determined its year-end inventory on a FIFO basis to be $500,000. Information pertaining to that inventory is as follows:

Sullivan Corporation. has determined its year-end inventory on a FIFO basis to be $500,000.Information pertaining to that inventory is as follows:

Learn More :

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Sullivan Corporation. has determined its year-end inventory on a FIFO basis to be $500,000.
Information pertaining to that inventory is as follows: