The lower of cost and net realizable value basis of valuing inventories ensures that inventories are
A) valued at their selling price.
B) reflective of obsolescence.
C) valued at their current cost.
D) not under-valued.

Name: The lower of cost and net realizable value basis of valuing inventories ensures that inventories are A) valued at their selling price. B) reflective of obsolescence. C) valued at their current cost. D) not under-valued.
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Question

Quizplus · Accepted Answer

The Answer is B

The Lower of Cost and Net Realizable Value Basis of Valuing