A company accounts for its inventory using the first-in, first-out (FIFO) method. The following information pertains to the inventory at the end of the fiscal year:
Historical cost $150,000
Current replacement cost 120,000
Net realizable value (NRV) 125,000
Normal profit margin 15,000
Fair value 140,000

What amount should the company report as inventory on its year-end balance sheet?
A. $150,000
B. $140,000
C. $120,000
D. $125,000

10. problems and applications q10 a market is described by the following supply-and-demand curves: qsqs = = 2p2p qdqd = = 300â’p300â’p the equilibrium price is $ and the equilibrium quantity is . suppose the government imposes a price ceiling of $90. this price ceiling is , and the market price will be $ . the quantity supplied will be , and the quantity demanded will be . therefore, a price ceiling of $90 will result in . suppose the government imposes a price floor of $90. this price floor is , and the market price will be $ . the quantity supplied will be and the quantity demanded will be . therefore, a price floor of $90 will result in . instead of a price control, the government levies a tax on producers of $30. as a result, the new supply curve is: qsqs = = 2(pâ’30)2pâ’30 with this tax, the market price will be $ , the quantity supplied will be , and the quantity demanded will be . the passage of such tax will result in .