When Applying the Lower-Of-Cost-Or-Market Rule to Inventories, Market Value Generally

question 162

Multiple Choice

When applying the lower-of-cost-or-market rule to inventories, market value generally refers to ________ under U.S. GAAP and ________ under IFRS.

• A)current replacement cost; historical cost
• B)historical cost; net realizable value
• C)historical cost; current replacement cost
• D)current replacement cost; net realizable value

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