Accounting

| August 31, 2017

Question
Historical cost $20,000

Replacement Cost 14,000

Estimated selling price 17,000

Costs to complete / sell 2,000

Normal profit margin %20

The inventory of product A that was on hand at December 31, Year 1, was completed in Year 2 at a cost of $1,800 and sold at a price of $17,150.

Required:Summarize the difference in income, total assets and total stockholder’s equity using the two different sets of accounting rules over the two-year period.

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