An Adjustment to Ending Inventory Under the Lower of Cost

question 140

Multiple Choice

An adjustment to ending inventory under the lower of cost or market/net realizable value (LCM/NRV) 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 Slap Wraps bracelets.
• C)seasonal items like snow blowers.
• D)high-tech goods like cell phones.

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Definitions:

Nucleases

Enzymes that break down nucleic acids by cleaving the phosphodiester bonds between nucleotides.

Nucleotides

Organic molecules that serve as the monomers, or subunits, of nucleic acids like DNA and RNA, consisting of a base (adenine, thymine, guanine, cytosine, or uracil), a sugar molecule, and one or more phosphate groups.

Gastrocolic Reflex

Local reflex resulting in mass movement of the contents of the colon, which occurs after the entrance of food into the stomach.

Duodenocolic Reflexes

Reflexes that relate the function of the duodenum to the motility of the colon, aiding in digestion.