In applying the LCM rule, the inventory of boots would be valued at:
A)$135,000.
B)$133,000.
C)$130,000.
D)$105,000.

Name: In applying the LCM rule, the inventory of boots would be valued at: A)$135,000. B)$133,000. C)$130,000. D)$105,000.
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Question

Quizplus · Accepted Answer

The LCM (Lower of Cost or Market) rule requires inventory to be valued at the lower of its historical cost or its current market value. The correct valuation would be the lowest value provided, which is $130,000.

In Applying the LCM Rule, the Inventory of Boots Would