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TERM PHRASE NUMBER 1. Conventional retail Increase in selling price. method 2. Additional markup Losses would be recognized when values decline. 3. Requires retrospective Markdowns

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TERM PHRASE NUMBER 1. Conventional retail Increase in selling price. method 2. Additional markup Losses would be recognized when values decline. 3. Requires retrospective Markdowns are not in the calculation of restatement the cost-to-retail percentage. 4. Lower of cost or NRV Not GAAP for annual financial statements. 5. Gross profit method Material inventory error discovered in a subsequent year

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