Multiple Choice
When the replacement cost of inventory drops below the cost recorded in the financial records,applying the lower of cost or net realizable value (LC&NRV) rule means:
A) a decrease in cost of goods sold.
B) no change in net income,other things being equal.
C) inventory be written down to its net realizable value.
D) none of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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