Use the following to answer questions :
The following inventory information was taken from the records of Kleinfeld Inc.:
-Under U.S.GAAP,what should the Balance Sheet report for Inventory?
A)$9,000
B)$8,500
C)$7,600
D)$10,000

Question

Use the following to answer questions :
The following inventory information was taken from the records of Kleinfeld Inc.: 
-Under U.S.GAAP,what should the Balance Sheet report for Inventory?
A)$9,000 
B)$8,500 
C)$7,600 
D)$10,000

Quizplus · Accepted Answer

Under U.S. GAAP, inventory is reported at the lower of cost or market. The market value is $7,600, which is lower than the other options provided.

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