Assigning of the lower-of-cost-or-market to the items that comprise the inventory of merchandise at the end of the account period is an application of which of the following concepts?

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The lower-of-cost-or-market concept is a conservative accounting principle that states inventory should be reported at the lower of its cost or market value, whichever is lower. This is done to avoid overstating the value of inventory and to properly reflect any declines in value due to market conditions or obsolescence.

Assigning of the Lower-Of-Cost-Or-Market to the Items That Comprise the Inventory