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In 2020, Orear Manufacturing purchased inventory in 2020 for $700,000. Before the December 31, 2020...

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Accounting

In 2020, Orear Manufacturing purchased inventory in 2020 for $700,000. Before the December 31, 2020 balance sheet date, the goods became damaged; therefore, the company could only receive $510,000 if they were to sell the goods on December 31, 2020. The amount that goods should be reported on the December 31, 2020 balance sheet is:

Group of answer choices

510000

700000

700000 plus a normal mark-up

510000 plus a normal mark-up

Answer & Explanation Solved by verified expert
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