Incurred The principle that supports this is called recording thom as cost of goods sold when i Some companses choose to avoid acaigning incidental costs of acquining merchandise to inventory by Mutiple Choice The cost pnncpie. The eapense reconiton prndpe The conservation The Inventory valuaton method that tends to smooth out erratic changes in costs is: Multiple Choice LIFO. Weighted average Specitic identricaton. All of the following statements regarding U.S. GAAP and IFRS are true except Multiple Choice with limited exceptions, neltner U.S. GAAP nor IFRS allow inventory to be adjusted upward beyond the orliginal cost For both U.S. GAAP and IFRS. merchandise inventory incluoes all tems that a company owns and holas for sale. Both U.S. GAAP and IFRS require companles to wirite down Inventory when its value fals below the cost presently recorded Both U.S. GAAP and IFRS Incluce broad and simiar guldance for the hems and costs making up merchandlse inventory Both us. GAAP na IFRS 0w reversals or write owns upto me original acquistion cost cumernt.cost and niso mimics the actual fow of goods for most businasses N valuation method that has the advantages of assigning an amount to iventoey on the balance sheeat The rventory that approvimane Munpe Choice Specic 1eecaton A company has the following per unit ortginal costs and replacement costs for ts Iinventory. LCM is applied to Part A: 50 unlts with a cost of $5, and replacement cost of $4.50 Part B: 75 unlts with a cost of $6, and replacement cost of $6.50 Part C: 160 units with a cost of $3, and replacement cost of $2.50 Under the lower of cost or market method, the total value of this company's ending Inventory is Multiple Choice $1137.50 1180.00 $1112.50 $1.217.50 $1.075.00