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The Accountants for Q-Logic Integrated Systems Use the Lower of Cost

Question 28

Multiple Choice

The accountants for Q-Logic Integrated Systems use the lower of cost or market (LCM) method to value inventory on the balance sheet in accordance with GAAP rules.The accountants have gathered the following information: The accountants for Q-Logic Integrated Systems use the lower of cost or market (LCM) method to value inventory on the balance sheet in accordance with GAAP rules.The accountants have gathered the following information: At what amount will inventory will be reported on the balance sheet? A) $400,000 B) $900,000 C) $410,000 D) $630,000 At what amount will inventory will be reported on the balance sheet?


A) $400,000
B) $900,000
C) $410,000
D) $630,000

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