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On January 1, 2013, Hart Company Carried Inventory at the Lower

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On January 1, 2013, Hart Company carried inventory at the lower of cost or market on an aggregate basis. The cost of the inventory was $19,456 but the current market value is $19,950. Assuming the perpetual inventory system is used, how will the inventory adjustment, if one is necessary, affect the financial statements? On January 1, 2013, Hart Company carried inventory at the lower of cost or market on an aggregate basis. The cost of the inventory was $19,456 but the current market value is $19,950. Assuming the perpetual inventory system is used, how will the inventory adjustment, if one is necessary, affect the financial statements?

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