Inventory Valuation: AgroCo operates several farms that produce a variety of agricultural products, including corn....
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Inventory Valuation: AgroCo operates several farms that produce a variety of agricultural products, including corn. At any given time, AgroCO has a significant amount of corn in its warehouse ready for sale to third party foot product manufacturers AgroCo currently values its agricultural inventory using an average cost system. The president of AgroCo asks, Since the price of corn has risen recently, is it possible for us to reflect our corn stocks at market prices, rather than at historical cost? Using the relevant GAAP advise the president of his options.
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