astro Corp. Sells just one product. At the end of the fiscal year 2018, Astro...
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Accounting
astro Corp. Sells just one product. At the end of the fiscal year 2018, Astro applies the lower of cost or market LCM rule and write down the value of inventory from the historical cost of $10,500 to current market value of $9,800. which of the following result from this this write down?
a. Mastro's owners equity decreases by $700
b. Mastro's total assets remain the same
c. Mastro's gross profit remains the same
d.Both A and C are true
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