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Describe the lower of cost or market (LCM) rule as it applies to the valuation of closing inventory, and name three different methods of calculating the cost of inventory.
Activity Level
The degree to which resources are utilized in the production process, often measured in units produced, machine hours, or direct labor costs.
Total Cost
The sum of all expenses involved in producing a good or delivering a service, including fixed and variable costs.
Contribution Margin
The gap between sales income and variable expenses, demonstrating the extent to which income aids in covering constant costs and producing earnings.
Average Costs
The cost per unit of output on average, calculated by dividing total costs by the total quantity of output.
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