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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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