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Differentiate the function.
Lower Of Cost
Lower of cost or market is an accounting principle where inventory is recorded at either its historical cost or market value, whichever is lower, to reflect potential losses.
Inventory Item
Goods or materials that a business holds for the ultimate purpose of resale or use in production.
Inventory Value
The total cost or market value of all the goods held by a company intended for sale or for use in producing goods for sale.
Cost Or Market
An accounting method for inventory valuation, valuing inventory at the lower of its historical cost or market value.
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