32.the lower-of-cost-or-market rule can be applied to which of the following?

A.each individual inventory item

B.major classes or categories of inventory

C.all of these answer choices are correct

D.the entire stock of inventory in the aggregate

33

What happens when a company is operating in an in The company's net income will be higher if it uses LIFO than if it uses FIFO. The company's cost of goods sold will be lower if it uses LIFO as opposed to FIFO. The company's assets will be lower if it uses LIFO as opposed to FIFO cost flow The company's net income will be the same regardless of whether LIFO or FIFO is used Prev 33 of 38 Next >