The lower-of-cost-or-market method (LCM) is often referred to as a “one-way street” because under LCM, ending inventory values may be written down to a lower replacement value but are never written up when the expected replacement cost exceeds the inventory cost basis. What accounting principle is reflected in the application of LCM? What accounting principle is violated by the application of LCM? Discuss whether you think that LCM should be modified to become a “two-way street,” allowing both inventory value write-ups and write-downs.