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Which of the following applications of the Lower of Cost or Market(LCM) approach is the least conservative? LCM applied to major categories of inventory LCM

Which of the following applications of the Lower of Cost or Market(LCM) approach is the least conservative?

LCM applied to major categories of inventory

LCM applied to individual inventory items

LCM applied to inventory as a whole

All approaches of LCM are equally conservative

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