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Stephen Widberg.
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Noah098
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Sir somebody in the comments section had asked this really appreciable doubt, if you could guide me on it:
“If Sale was made for $20m and a loss of $5m was made, shouldn’t $25m be reduced from cost of sales instead of $20m?”
Stephen Widberg
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Inter company sale
Dr Sales Cr COS 20
PUP
No adjustment. Why? If you increase the inventory valuation from 20 to 25 – inventory will no longer be carried at the lower of cost and NRV.
Noah098
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