Lower-of-cost-or-market (for tax purposes) may be used with all of the following merchandise costing methods EXCEPT

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Lower-of-cost-or-market (LCM) is a method used for valuing inventory for tax purposes. It requires the inventory to be valued at the lower of its cost or its market value. This is done in order to prevent overvaluing inventory on the balance sheet, which can lead to misleading financial statements. The LCM method can be used with all of the merchandise costing methods except the last-in, first-out (LIFO) method, as LIFO inventory is already valued at the latest cost and is considered to be a reflection of current market conditions.

Lower-Of-Cost-Or-Market (For Tax Purposes) May Be Used with All of the Following