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Which of the following statements is TRUE regarding lower of cost or market? a . It is most conservative if applied to the total inventory

Which of the following statements is TRUE regarding lower of cost or market? a

.

It is most conservative if applied to the total inventory b

.

It is most conservative if applied to major categories of inventory c

.

It is most conservative if applied to individual items of inventory d

.

It must be applied to major categories for taxes

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