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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

An inventory valuation method whereby items in inventory are valued at their actual cost or current replacement value, whichever is lower, is known as the ______ rule. Its abbreviation is

_____ (16-4)

To determine

To fill: The blank spaces provided in the statement, “An inventory valuation method whereby items in inventory are valued at their actual cost or current replacement value, whichever is lower, is known as the _____ rule. Its abbreviation is ______”.

Explanation

Lower-of-cost-or-market is an inventory valuation method. When the market price or current replacement price of an inventory items declines below the actual price paid for that item, companies are permitted to use lower-of-cost-or-market method.

The use of LCM rule assumes that decreases in replacement costs will be accompanied by proportionate decreases in selling prices...

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