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(5 points) What is used as the market value for the lower-of-cost-or-market (LCM) test under IFRS? (A 15) O Current replacement cost Current sales price
(5 points) What is used as the market value for the lower-of-cost-or-market (LCM) test under IFRS? (A 15) O Current replacement cost Current sales price less disposal costs Net realizable value less normal markup O The estimated future sales value, discounted for the company's marginal interest rate D Question 23 5 pts (5 points) Which of the following statements is true for the allowance method of writing down obsolete inventory? (A 17) O The write down is clearly shown in a loss account O The loss is buried in Cost of Goods Sold O The loss is shown as a reduction in sales price. O The loss is distributed evenly over the periods during which the inventory is sold
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