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:

Biodiversity

The assortment of all living organisms across different habitats, from terrestrial to aquatic environments, emphasizing the importance of ecological balance.

Successional Species

Successional species are plants and animals that colonize an ecosystem following a disturbance, playing a crucial role in ecological succession towards a stable climax community.

Intermittent Fire

A phenomenon involving fires occurring at irregular intervals, not continuous or steady.

Forest

A large area covered chiefly with trees and undergrowth.