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Inventory are stated at the lower of cost, computed using FIFO method, and net realizable value. Any adjustments to reduce the cost of inventories to

Inventory are stated at the lower of cost, computed using FIFO method, and net realizable value. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period.

Write several sentences in your own words to clearly describe what this means based on the description provided above.

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