The lower-of-cost-or-market (LCM) basis may be used with all of the following methods except
A) average cost.
B) FIFO.
C) LIFO.
D) The LCM basis may be used with all of these.

Name: The lower-of-cost-or-market (LCM) basis may be used with all of the following methods except A) average cost. B) FIFO. C) LIFO. D) The LCM basis may be used with all of these.
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Question

Quizplus · Accepted Answer

The LCM basis can be used with all three inventory costing methods, including average cost, FIFO, and LIFO. Therefore, D is the correct answer.

The Lower-Of-Cost-Or-Market (LCM) Basis May Be Used with All of the Following