Lower of Cost or Market Rule Can Be Applied to Periodic

question 59

Essay

Lower of cost or market rule can be applied to periodic inventory. What are the two methods? Which one requires an entry to the loss due to market valuation account?

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Definitions:

R Bacteria

Bacteria that possess a smooth (R) colony morphology, often referenced in studies of bacterial genetics.

Chargaff's Rule

The observation that DNA from any cell of all organisms has a 1:1 ratio of pyrimidine and purine bases; specifically, adenine pairs with thymine and cytosine pairs with guanine.

Adenine

One of the four nucleobase molecules used in forming nucleotides of the nucleic acids DNA and RNA; it pairs with thymine in DNA and with uracil in RNA.

Thymine

A nitrogenous base found in DNA, paired with adenine, and is one of the four nucleotide bases in DNA.