An Adjustment to Ending Inventory Under the Lower of Cost

question 98

Multiple Choice

An adjustment to ending inventory under the lower of cost or market (LCM) rule would be least likely to be recorded by a company that sells:

• A)a household staple like laundry detergent.
• B)a fad product like bathing suits.
• C)seasonal items like snow blowers.
• D)high-tech goods like Personal Digital Assistants.

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Definitions:

Online Benefits Programs

Digital platforms that allow employees to manage and access their employment benefits.

Self-Service Freedom

The extent to which customers can freely serve themselves, typically in a retail or service context, utilizing technologies or systems designed to facilitate self-help rather than relying on staff assistance.

Health Care Costs

The expenses associated with medical care, including hospital stays, physician services, prescription drugs, and health procedures.

Aging Population

A demographic trend characterized by an increase in the median age of a population due to declining fertility rates and rising life expectancy.