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Using the Lower-of-cost-and-Net-Realizable-Value rule of valuing inventory we are: Ignoring the Cost Principle for the sake of being Conservative Ignoring the Cost Principle and the
Using the Lower-of-cost-and-Net-Realizable-Value rule of valuing inventory we are: Ignoring the Cost Principle for the sake of being Conservative Ignoring the Cost Principle and the Revenue Recognition Principles Following the Matching Principle and the Cost Principle Following the Cost Principle but not being Conservative
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