4. ABC company suffered inventory loss from market declines in April 2017. As a result, the company wrote off $7,000 cost of inventory. However, the price of the same inventory was fully recovered in October 2017. Which section of the FASB ASC explicitly states whether or not recovery of such inventory loss can be written up? (The citation must follow xxx-xx-xx-xx or xxx-xx-xx-x format)
4. ABC company suffered inventory loss from market declines in April 2017. As a result, the company wrote off $7,000 cost of inventory. However, the price of the same inventory was fully recovered in October 2017. Which section of the FASB ASC explicitly states whether or not recovery of such inventory loss can be written up? (The citation must follow xxx-xx-xx-xx or xxx-xx-xx-x format)
Chapter10: Inventory
Section: Chapter Questions
Problem 13PB: Company Edgar reported the following cost of goods sold but later realized that an error had been...
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4. ABC company suffered inventory loss from market declines in April 2017. As a result, the company wrote off $7,000 cost of inventory. However, the price of the same inventory was fully recovered in October 2017. Which section of the FASB ASC explicitly states whether or not recovery of such inventory loss can be written up? (The citation must follow xxx-xx-xx-xx or xxx-xx-xx-x format)
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