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When the market value of inventory drops below the cost recorded in the financial records, applying the lower of cost or market (LCM) rule causes:

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When the market value of inventory drops below the cost recorded in the financial records, applying the lower of cost or market (LCM) rule causes: O a decrease in total assets. O a decrease in cost of goods sold. O an increase in net income O no change in net income, other things being equal

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