U.S. GAAP requires that inventory be recorded at historical cost or lower of cost or net realizable value. US GAAP also recognizes the following valuation methods, EXCEPT: Relative Sales Value / Lump-Sum Purchase Dollar Value LIFO All answers are acceptable methods. Lower of Cost or Market (if using LIFO)

U.S. GAAP requires that inventory be recorded at historical cost or lower of cost or net realizable value. US GAAP also recognizes the following valuation methods, EXCEPT: Relative Sales Value / Lump-Sum Purchase Dollar Value LIFO All answers are acceptable methods. tower of Cost or Market (if using LiFO)