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At the end of a reporting period, a company determines that its ending inventory has...

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Accounting

At the end of a reporting period, a company determines that its ending inventory has a cost of $300,000 and a net realizable value of $230,000. What would be the effect(s) of the adjustment to write down inventory to net realizable value?

  • Decrease net income.

  • Decrease total assets.

  • Decrease total assets and net income.

  • Increase retained earnings.

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