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When is the lower - of - cost - or - market ( LCM ) method applied instead of lower - of - cost -
When is the lowerofcostormarket LCM method applied instead of lowerofcostornet realizable value LCNRV
LCM is used when the company accounts for its inventory using FIFO.
LCU is used when the company accounts for its inventory using the weightedaverage method.
LCM is used when the company uses specific identification to track inventory costs.
LCM is used when the company uses LIFO inventory costing.
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