Lower of Cost or Market

question 134

Multiple Choice

Lower of cost or market:

• A)Is applied to each individual item,major categories of items,or the whole inventory.
• B)Is only applicable to companies using FIFO.
• C)Records only an increase in inventory value.
• D)Is only applicable to companies using LIFO.
• E)Reports all inventory items at full cost.

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Definitions:

Haploid Gametes

Haploid gametes are reproductive cells, such as sperm and eggs, that contain only one set of chromosomes, half the number present in other cells.

Chromosome Number

The total count of chromosomes present in the cell of an organism, specific to each species.

Sister Chromatids

Identical copies of a chromosome connected together by a centromere, produced during DNA replication.

Mitotic Spindle

A structure composed of microtubules that separates chromosomes into daughter cells during cell division.