When the lower of cost or market rule is used to value inventory, only the lower value need be verified.

Name: When the lower of cost or market rule is used to value inventory, only the lower value need be verified.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The lower of cost or market rule requires both the cost and the market value to be determined so that they can be compared to identify which one is lower. Verification is needed for both values to ensure accuracy.

When the Lower of Cost or Market Rule Is Used