Generally accepted accounting principles (GAAP)require that the inventory be reported at:
A)market value.
B)historical cost.
C)lower of cost or market/net realizable value.
D)retail value.

Question

Quizplus · Accepted Answer

When the value of inventory falls below its recorded cost,GAAP require that the inventory be written down to its lower market value.

Generally Accepted Accounting Principles (GAAP)require That the Inventory Be Reported