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Answer the following questions related to the lower-of-cost-or-net realizable value (LCNRV) method and/or the lower-of- cost-or-market (LCM) method. 1. Why are inventories valued at the

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Answer the following questions related to the lower-of-cost-or-net realizable value (LCNRV) method and/or the lower-of- cost-or-market (LCM) method. 1. Why are inventories valued at the LCNRV or LCM? (i.e., why is it necessary to perform this calculation for inventories)? 2. What two methods are used to record the necessary journal entry for LCNRV and LCM? Which method is preferred and why

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