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A company uses average costing to value their inventory. Recently some items have been acquired for free, or $0 value. There is currently one item on-hand at $7500, with two new ones that need to be added at $0. How do you revalue your inventory to get the correct quantity and correct value of inventory. Can $0 cost items be allowed into inventory when using the average costing method?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9102798

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