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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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Core Concepts Of Accounting Information Systems
Authors: Mark G. Simkin, Carolyn A. Strand Norman, Scott Paquette
1st Canadian Edition
