Inventories II

Your client is in a technology-intensive industry. Recently, its competitors introduced a new product with technology that might render obsolete some of your clients inventory. You want to research how to account for this significant market event.

Determine the specific codification citation and summarize the relevant codification for each of the following (Hint: Code 330):

1. Identify the specific seven-digit codification citation (xxx-xx-xx) that contains discussion of the measurement of ending inventory using the lower of cost or net realizable (LCNRV) rule and the lower of cost or market (LCM) rule

2. The specific eight-digit codification citation (xxx-xx-xx-x) that describes the measurement the ceiling using the lower of cost or market (LCM) rule

3. The specific eight-digit codification citation (xxx-xx-xx-x) that describes the measurement the floor using the lower of cost or market (LCM) rule

Please explain what each of the codifications mean