The application of the lower of cost or market rule to inventory valuation is an example of

Name: The application of the lower of cost or market rule to inventory valuation is an example of
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The lower of cost or market rule is a conservative accounting principle that requires inventory to be valued at the lower of its cost or market value, whichever is less. This principle ensures that inventories are not overstated, which could lead to misrepresentation of financial statements.

The Application of the Lower of Cost or Market Rule