The journal entry to write-down inventory under the lower of cost or market (LCM) rule results in a credit to cost of goods sold and a debit to inventory.

Name: The journal entry to write-down inventory under the lower of cost or market (LCM) rule results in a credit to cost of goods sold and a debit to inventory.
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The journal entry to write-down inventory under the LCM rule results in a debit to cost of goods sold and a credit to inventory, reflecting the loss in inventory value.

The Journal Entry to Write-Down Inventory Under the Lower of Cost