The Following Inventory Information Was Taken from the Records of Kleinfeld

question 48

Multiple Choice

The following inventory information was taken from the records of Kleinfeld Inc.: $\begin{array}{ll}\text { Historical cost } & \$ 12,000 \\\text { Replacement cost } & \$ 7,000 \\\text { Expected selling price } & \$ 9,000 \\\text { Expected selling cost } & \$ 500 \\\text { Normal profit margin } & 50 \% \text { of price }\end{array}$
-Under U.S.GAAP, what should the balance sheet report for Inventory?

• A)$9,000
• B)$8,500
• C)$7,000
• D)$10,000

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