Answer with complete solutions. Australia Company has two products in...
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Australia Company has two products in the inventory. 15. What amount should be reported as inventory using the LCNRV individual approach? (2pts 16. What amount should be reported as inventory using the LCNRV total approach? (2pts) Anderson Company reported that a fire caused severe damage to the entire inventory. Based on recent history, the entity had a gross profit of 35% of sales. The entity provided the following information for the current year: 17. What amount should be reported as cost of goods for the year? (2pts) 18. What amount should be reported as cost of ending inventory damaged by flood? (2pts)
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