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Find what is the rationale for valuing inventory

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Reference no: EM132740660

Problem 1: What is the rationale for valuing inventory at the lower of cost or market?

Problem 2: Why is it likely that the result from applying the lower-of-cost-or-market rule using a total approach (i.e., by comparing total cost to total market value) and the result from applying the rule on an item-by-item basis will differ?

Reference no: EM132740660

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