34. When the value of inventory falls below its recorded cost, which of the following is required by US Generally Accepted Accounting Principles (GAAP)?

A. Replace the items with identical goods at the proper cost.

b. Calculate the inventory turnover ratio, and record the percentage of cost of goods sold.

c. The amount of inventory should be written up to cost +- gross margin

d. The amount of inventory should be written down to its lower market/ net realizable value.

The normal balance of any account is the

A. left side

b. right side

c. side which decreases that account

d. side which increases that account