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What is conceptual basis for applying lower of cost or market(LCM) to merchandise inventories? words limit - there is no word limit, i just want

What is conceptual basis for applying lower of cost or market(LCM) to merchandise inventories? words limit - there is no word limit, i just want my answer to precise, clear, consistent and complete. please atleast give me some answer, because i am asking this question past two days. i need it urgent

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