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The cost of Fulton's inventory at the end of the year was $145,000. Due to obsolescence, the cost to replace the inventory was only $90,000. Net realizable value-what the inventory could be sold for-is $102,000.
REQUIRED:
Determine the amount Fulton should report on its year-end balance sheet for inventory assuming the company follows a U.S. GAAP and b IFRS.
Standard Error
A statistic that measures the variability or precision of the sampling distribution of a statistic.
Autocorrelated
A characteristic of a series where subsequent observations in the series are correlated with one another.
Independent
Not influenced or controlled by others; having the freedom to act or function separately.
Plot Residuals
A graphical representation used in statistics to show the difference between observed and predicted values given by a model.
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