The lower of cost or market rule

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Discuss whether you feel the lower of cost or market rule (LCM) is a conservative method or not. Support your argument with points incorporating the conceptual framework or your textbook.

While preparing the financial statements for 2011, you noticed that the inventory amounts for 2009 are overstated. How does this error from two years ago affect the financial statements? What accounts are affected?

Reference no: EM13252297

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