Question 33 (2 points) Which of the following is true about applying lower-of-cost-or-market (LCM)? Market is Replacement Cost. The ceiling is Net Realizable Value. The floor is Net Realizable Value less Normal Profit Margin. All of the above. Question 34 (2 points) Which of the following methods is usually applied in determining inventory value under LCNRV or LCM? Individual items. Major categories. Total inventory None of the above