Your audit client, a manufacturer of surgical gloves, wants to increase the value of its...
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Accounting
Your audit client, a manufacturer of surgical gloves, wants to increase the value of its inventory even though it has not experienced any changes in manufacturing costs. Your client explains that it wants the value of its inventory to reflect the fact that it can now charge a higher price for these high demand items. Is this permissible under U.S. GAAP? Quote the relevant language from the Codification in explaining your answer and include the relevant Codification references in XXX-YY-ZZ-** format.
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