Topic: Inventory Valuation In your textbook Chapter 1, you have learned that the concept of "Cost Principle", which accounting Standards require accountants to record all items purchased at their "cost" info. (easier to verify and more reliable than a "market"). In Chapter 7, you have learned that inventory may be written down to its current replacement cost or its net realizable value of these amounts are lower than original cost. (better known as "LCM" rule, that is "Lower of Cost or Market" rule) Discussion Question: Why do you think the accounting profession has decided to violate the cost concept and reduce the value of inventory (an asset valuation) in these circumstances