Generally Accepted Accounting Principles (GAAP)require That Inventory Be Recorded at

question 36

Multiple Choice

Generally accepted accounting principles (GAAP) require that inventory be recorded at

• A)The lower of cost or fair market value.
• B)The lower of cost or net realizable value.
• C)The higher of cost or net realizable value less a normal profit (floor).
• D)None of the above.