A note to Kelloggs financial statements states that [i]nventories are valued at the lower of cost (principally
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A note to Kellogg’s financial statements states that “[i]nventories are valued at the lower of cost (principally average)
or market.” Why do you think the application of the lower-of-cost-or-market rule would be important to a business such as Kellogg’s? In applying the rule, how does the company define
“cost”?
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Related Book For 
Financial Accounting The Impact On Decision Makers
ISBN: 9780324655230
6th Edition
Authors: Gary A. Porter, Curtis L. Norton
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