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Describe income statement when market is lower than cost

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Explain briefly the application of the LCM rule to ending inventory. Describe its effect on the balance sheet and income statement when market is lower than cost.

Reference no: EM13872793

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Describe income statement when market is lower than cost : Explain briefly the application of the LCM rule to ending inventory. Describe its effect on the balance sheet and income statement when market is lower than cost.
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