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Montana Corp. uses LIFO to allocate inventory expenditures between the balance sheet and income statement....

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Accounting

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Montana Corp. uses LIFO to allocate inventory expenditures between the balance sheet and income statement. At the end of the current period, Montana reports its inventory at net realizable value. Which of the following statements is correct? cost is less than net realizable value cost is less than net realizable value minus normal profit margin net realizable value is greater than replacement cost cost is greater than net realizable value

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