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Describes net realizable value when applying lower of cost

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Problem 1: Which of the following statements best describes net realizable value when applying the lower of cost and net realizable value rule?

a) Net realizable value is the selling price less the costs necessary to sell the item.
b) Net realizable value is the selling price plus the costs necessary to sell the item.
c) Net realizable value is the selling price plus the normal profit margin.
d) Net realizable value is the selling price less the normal profit margin.

Reference no: EM132953337

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