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Is $1,000 a material amount for all companies? Is it ok to ignore GAAP if...

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Accounting

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Is $1,000 a material amount for all companies? Is it ok to ignore GAAP if the amounts involved are immaterial? Explain. Ranns Supply uses a perpetual Inventory system on January 1, its inventory account had a beginning balance of $7,740,000. Ranns engaged in the following transactions during the year

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