Inventory Has a Cost of $475 000 and a Current

question 40

Multiple Choice

Inventory has a cost of $475 000 and a current selling price of $435 000.What amount should be reported on the financial statements and what concept or principle applies?

• A)$435 000,conservatism
• B)$435 000,going concern
• C)$475 000,going concern
• D)$475 000,cost

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Definitions:

Blepharitis

An inflammation of the eyelid margins, often causing redness, itching, and dandruff-like scales.

Ptosis

A medical term used to describe drooping of the upper eyelid, which can affect one or both eyes.

Glaucoma

A group of eye conditions that damage the optic nerve, often due to abnormally high pressure in the eye, leading to vision loss if untreated.

Myopia

A condition of the eyes where close objects appear clearly, but distant ones do not, commonly known as nearsightedness.