Lower-Of-Cost-Or-Net Realizable Value as It Applies to Inventory Is Best

Multiple Choice

Lower-of-cost-or-net realizable value as it applies to inventory is best described as the

A) reporting of a loss when there is a decrease in the future utility below the original cost.
B) method of determining cost of goods sold.
C) assumption to determine inventory flow.
D) change in inventory value to net realizable value.