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Explain the rationale for the ceiling and floor in the lower-of-cost-or-market method of valuing inventories. How does GAAP differ from IFRS in regards to LCM
- Explain the rationale for the ceiling and floor in the lower-of-cost-or-market method of valuing inventories. How does GAAP differ from IFRS in regards to LCM
- Discuss FASB's recent change to LCM
- What journal entry or entries are involved in adjusting inventory to LCM, what accounts are used? Discuss the different methods.
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Cornerstones of Financial and Managerial Accounting
Authors: Rich Jones, Mowen, Hansen, Heitger
1st Edition
9780538751292, 324787359, 538751290, 978-0324787351
