Under the LCM approach the market value is defined as
A) FIFO cost.
B) LIFO cost.
C) current replacement cost.
D) selling price.

Name: Under the LCM approach the market value is defined as A) FIFO cost. B) LIFO cost. C) current replacement cost. D) selling price.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The LCM approach values inventory at the lower of its cost or current replacement cost. Therefore, the market value is defined as the current replacement cost, not FIFO cost, LIFO cost, or selling price.

Under the LCM Approach the Market Value Is Defined as