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Metro Computer Company had the following balances and transactions during 2014.
-What would the Inventory amount be as reported on the balance sheet at December 31,2014 if the perpetual First-In,First-Out costing method is used? (Answers are rounded to the nearest dollar.)
Discharge by Performance
The termination of a contractual obligation when both parties fulfill their respective duties as agreed in the contract.
Discharged
The state of being released from a legal, financial, or other obligation.
Substantially Performed
A legal concept indicating that a contract has been fulfilled enough to meet its essential requirements, despite minor variances from the exact terms.
Concurrent Conditions
In a contract, terms under which each party’s performance is conditioned on the performance of the other; occur only when the parties are required to perform for each other simultaneously.
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