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Your audit client, Footlocker, wants to revalue its inventory of Kobe Bryant jerseys to reflect...

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Accounting

Your audit client, Footlocker, wants to revalue its inventory of Kobe Bryant jerseys to reflect their new, higher sales price. Is this permissible under U.S. GAAP? Quote the relevant language from the Codification in explaining your answer and include the relevant Codification references in XXX-YY-ZZ-** format.

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