farrin8061 farrin8061

06-10-2021
Business

contestada

which situation requires a departure from the cost basis of accounting to the lower-of-cost-or-market basis in valuing inventory?

Respuesta :

annabelmaduka14 annabelmaduka14

14-10-2021

Answer:

Decline in the value of inventory

Explanation:

To comply with the concepts of conservatism, inventory should be valued at the lower-of-cost-or-market when there is a decline in inventory

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