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1. Which of the following steps is required when performing a LCM test? A. Debiting inventory when the NRV is lower than historical cost. B.

1. Which of the following steps is required when performing a LCM test? A. Debiting inventory when the NRV is lower than historical cost. B. Computing the net realizable value of the inventory. C. Estimating the replacement value of the inventory. D. Calculating the sales markup of the inventory

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