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Which of the following inventory accounts are to be recorded at the lower of historical cost or current value? (1) work in process (2) finished
Which of the following inventory accounts are to be recorded at the lower of historical cost or current value?
(1) work in process
(2) finished goods
(3) merchandise
(4) raw materials
Answer
A) 1, 2, and 3
B) 1, 2, and 4
C) 1, 2, 3, and 4
D) 2 and 4
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