The lower of cost or net realizable value rule can be applied on an item-by-item basis, by group or by comparing total inventory at cost to total inventory valued at net realizable value.

Question

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The lower of cost or net realizable value rule can be applied on an item-by-item basis, by group or by comparing total inventory at cost to total inventory valued at net realizable value. This statement is true.

The Lower of Cost or Net Realizable Value Rule Can