Modules Discussions Assignments Grade Students Canvas IntroHow to set HELP ConferZoom Practice critical thinking skills by writing a response to the flowing question In Chapter 1. you learned that the cost principle of accounting requires accountants to record all items purchased at their contin Chapter you have learned that inventory may be written down to its current replacement cost or its net realizable value when these amounts are lower than original cost Why do you think the accounting profesion has decided to violate the cost principle and reduce the value of Inventory in these circumtanices? Tips Define currentes, inventory cost method (LIFO,FIFO. Verde Cosmethod of inventory LCM The mact on financial statements in Inventory valuecost. Remember Inventory often will become dated and deved over the Study Mate