When the market value of inventory drops below the cost recorded in the financial records,...
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Accounting
When the market value of inventory drops below the cost recorded in the financial records, applying the lower of cost or market or net realizable value
LCM or NRV rule causes:
Multiple Choice
an increase in net income.
no change in net income, other things being equal.
a decrease in cost of goods sold.
a decrease in total assets.
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