The lower-of-cost-or-market method of determining the value of ending inventory can be applied on an item by item, by major classification of inventory, or by the total inventory.

Name: The lower-of-cost-or-market method of determining the value of ending inventory can be applied on an item by item, by major classification of inventory, or by the total inventory.
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The lower-of-cost-or-market method can be applied on an item by item, by major classification of inventory, or by the total inventory.

The Lower-Of-Cost-Or-Market Method of Determining the Value of Ending Inventory