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Professional standards require that the following items related to inventory : I. The cost method used (LIFO, FIFO, Weighted average cost). II. The raw materials,

Professional standards require that the following items related to inventory :

I. The cost method used (LIFO, FIFO, Weighted average cost).

II. The raw materials, work in process, and finished goods inventory balances.

III. The valuation method used ( net realizable value or lower of cost or market).

A. I only

B. II only

C. I and II

D. I, II and III

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