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When the market value of inventory items has declined below its cost,which method would be the most appropriate in complying with GAAP?
Tornado Damage
The destruction or damage caused to structures, lands, and properties as a result of a tornado, a rapidly rotating column of air in contact with both the surface of the Earth and a cumulonimbus cloud or, in rare cases, the base of a cumulus cloud.
Uninsured Plant
Property, machinery, or industrial facilities not covered by insurance against loss or damage.
Extraordinary Item
Rare and significant events that are both unusual and infrequent in nature, whose financial effects are separated out on a company's income statement to provide clearer results.
Discontinued Component
A segment or unit of a business that has been sold or terminated, which is reported separately in the financial statements.
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