At December 31,Payless,Inc.reported inventory on the balance sheet at its cost of $200,000.However,the market value of the inventory at that date was $190,000.Put an X in the appropriate box to show the effect of continuing to report the inventory at cost:

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The Answer of At December 31,Payless,Inc.reported inventory on the balance sheet at its cost of $200,000.However,the market value of the inventory at that date was $190,000.Put an X in the appropriate box to show the effect of continuing to report the inventory at cost: