external reporting

Navas 27 April 2020 at 16:21 PM

In accounting for inventories,generally accepted accounting principles when the utility of inventory has fallen below cost

When the inventory cost flow assumption being used is anything other than LIFO or the Retail method, the inventory should be measured at

A) Lower of cost or the original cost plus a normal profit margin.

B) Lower of cost or market

C) Lower of cost or net realizable value

D) Lower of cost or the original cost minus an allowance for obsolescence

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FACULTY 19 May 2020 at 02:59 PM

Lower of cost or net realizable value(option C)

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