Under GAAP, manufacturing and retail inventories are normally carried at the "lower of cost or market."

Name: Under GAAP, manufacturing and retail inventories are normally carried at the "lower of cost or market."
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This statement is true. Under GAAP (Generally Accepted Accounting Principles), the cost of inventory is compared to its market value, and the lower of the two is used to determine the value at which the inventory should be carried on the balance sheet.

Under GAAP, Manufacturing and Retail Inventories Are Normally Carried at the "Lower