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5. What is the lower-of-cost-or-market (LCM) basis of accounting for inventories? Describe the application of LCM. 6. What is the inventory turnover ratio? How is

5. What is the lower-of-cost-or-market (LCM) basis of accounting for inventories? Describe the application of LCM.

6. What is the inventory turnover ratio? How is it computed? How is it used by external users and management?

7. What is the LIFO reserve? Explain its importance for comparing results of different companies.

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