The Lower of Cost and Net Realizable Value Method for Inventory

question 91

Multiple Choice

The lower of cost and net realizable value method for inventory was developed to:

• A)Avoid reporting inventory at an amount that exceeds the benefits it provides.
• B)Provide an alternative to the FIFO,LIFO,and weighted-average methods.
• C)Prevent the company from selling the inventory below its original cost.

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