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The balance sheet value of a firm's inventory is $55,000. Suppose that the firm purchases supplies...

The balance sheet value of a firm's inventory is $55,000. Suppose that the firm purchases supplies at a cost of $3,000 and adds them to inventory. A day later, the market value of the recently purchased supplies changes to $4,000.

Assuming no other changes to inventory, and using the historical cost method, what is the final balance sheet value of inventory?

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