15. Oslo Distribution Co. has determined its December 31,2022 inventory on a FIFO basis at...
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15. Oslo Distribution Co. has determined its December 31,2022 inventory on a FIFO basis at $980,000. Information pertaining to that inventory follows: Oslo records losses that result from applying the lower-of-cost-or-market rule. At December 31 , 2022 , the loss that Oslo should recognize is a. $0. b. $20,000. c. $40,000. d. $80,000. A physical inventory taken on December 31, 2019, resulted in an enaing inventory of $350,000. Gore's gross profit on sales has remained constant at 25% in recent years. Gore suspects some inventory may have been taken by a new employee. At December 31,2019 , what is the estimated cost of missing inventory? a. $75,000. b. $50,000. c. $25,000. d. $10,000
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