Lower of cost or market method of evaluating inventory
Explain the lower of cost or market method of evaluating inventory. Give an example of when LCM would be used. What is meant by the assertion that LCM is an example of the principle of conservatism? Explain.
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Describe the lower of cost or market method of evaluating inventory. Provide an example of when LCM would be used. What is meant by the assertion that LCM is an example of principle of conservatism? Explain.
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