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MC Qu. 135 Recording a Lower of Cost or Market ... Recording a Lower of Cost or Market (LCM) adjustment involves which of the following

MC Qu. 135 Recording a Lower of Cost or Market ...

Recording a Lower of Cost or Market (LCM) adjustment involves which of the following generic journal entries?

Debit Sales Revenue and Inventory

Debit Cost of Goods Sold and credit Inventory

Debit Loss on Goods Sold and credit Inventory

Debit Retained Earnings and credit Inventory

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