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The lower-of-cost-or-market rule requires a company to ________. ANSWER Unselected use the LIFO method in times of rising prices Unselected adjust the inventory balance downward
The lower-of-cost-or-market rule requires a company to ________. ANSWER Unselected use the LIFO method in times of rising prices Unselected adjust the inventory balance downward if its replacement cost is lower than its historical cost Unselected adjust the cost of goods sold downward if the inventory's replacement cost is lower than its historical cost Unselected use this method if its inventory has been destroyed or lost
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