Which of the following statements about the lower of cost or market ruleet realizable value is not correct?

• The lower of cost or marketet realizable value rule sometimes causes the book value of inventory to be written down below cost, but will never cause the book value of inventory to be increased above cost.

• The amount of inventory write-down is an expense which most companies report as cost of goods sold.

• Lower of cost or market is an inventory cost method used to determine cost of goods sold and ending inventory.

• The lower of cost or marketet realizable value (LCM/NRV) rule results in reporting inventory conservatively, at an amount that does not exceed its actual value.

record Help Save & Exit Submit Which of the following statements about the lower of cost or market ruleet realizable value is not correct? Multiple Choice The lower of cost or marketinet realizable value rule sometimes causes the book value of inventory to be written down below cost, but wil never cause the book value of Inventory to be increased above cost The amount of inventory write-down is an expense which most companies report as cost of goods sold. C ) Lower of cost or market is an inventory cost method used to determine cost of goods sold and ending inventory The lower of cost of marketnet realizable value (LCMNRV rule results in reporting inventory conservatively, at an amount that does not exceed its actual value.