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  3. o 2] the lower-of-cost-or-market rule requires a c

O 2] The lower-of-cost-or-market rule requires a company to use the LIFO method in...

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Accounting

O 2] The lower-of-cost-or-market rule requires a company to
use the LIFO method in times of rising prices
q,
adjust the inventory balance downward if its replacement cost is lower than its historical cost
use this method if its inventory has been destroyed or lost
adjust the cost of goods sold downward if the inventory's replacement cost is lower than its historical cost.
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