If the Cost of an Item of Inventory Is $50

question 90

Multiple Choice

If the cost of an item of inventory is $50 and the current replacement cost is $57, the amount included in inventory according to the lower of cost or market is

• A) $7
• B) $50
• C) $57
• D) $107

---

Definitions:

Race or Ethnicity

Categories used to classify or group individuals based on common ancestral, social, cultural, or national experiences and attributes.

Sharpeville Massacre

A tragic event in 1960 in South Africa, where police opened fire on a crowd protesting against apartheid pass laws, killing 69 people.

Racial Discrimination

Behaviour that has a discriminatory effect based on race; there does not have to be an intention to discriminate.

International Day

A day recognized globally to celebrate, remember, or bring awareness to specific issues, cultures, or social causes.