question archive 1) Sure feet Corporation changed its inventory valuation method

1) Sure feet Corporation changed its inventory valuation method

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1) Sure feet Corporation changed its inventory valuation method. Which characteristic is jeopardized by this change?

Feedback value.

Representational faithfulness.

Comparability.

Consistency.

2) Land was acquired in 2011 for a future building site at a cost of $40,000. The assessed valuation for tax purposes is $27,000, a qualified appraiser placed its value at $48,000, and a recent firm offer for the land was for a cash payment of $46,000. The land should be reported in the financial statements at: $48.000.

$40,000.

$27.000.

$46,000.

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