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Craven Corp. performed its lower-of-cost-or-market (LCM) analysis at the end of 12/31/2023, and they have prepared the following schedule as a result: Description Product X
Craven Corp. performed its lower-of-cost-or-market (LCM) analysis at the end of 12/31/2023, and they have prepared the following schedule as a result: Description Product X Product Y Designated market value per unit $600 $900 Current carrying value per unit $650 $840 Question: Which of the following statements best describes which product(s), if any, the company should write down at the end of the year? Question 11Select one: a. Only Product Y should be written down b. Both Product X and Product Y should be written down c. Only Product X should be written down d. Neither Product X nor Product Y should be written down
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