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When Inventories Are Written Down Due to the Application of the Lower-Of-Cost-Or-Market

Question 26

Multiple Choice

When inventories are written down due to the application of the lower-of-cost-or-market (LCM) rule,the account that is usually increased is

A) Cost of Goods Sold.
B) Inventories.
C) Loss on Decline in Value of Inventory.
D) Accumulated Depreciation-Inventory.

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