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How did the Soviet Union respond to increased U.S.production of intercontinental ballistic missiles (ICBMs) and the American nuclear buildup in Europe?
Historical Cost Principle
An accounting principle that states that assets should be recorded and reported at their original purchase cost.
Work in Process
Inventory that includes goods that are in the process of being manufactured but are not yet complete.
Finished Goods Inventory
Manufactured goods that are complete and ready for sale.
Lower of Cost
A principle typically applied in the valuation of inventory and financial assets, stating to record the asset at the lower of its historical cost or current market value.
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