Generally accepted accounting principles (GAAP)require that inventory be recorded at
A) the lower of cost or fair market value.
B) the lower of cost or net realizable value.
C) the higher of cost or net realizable value less a normal profit (floor).
D) none of the above.

Question

Quizplus · Accepted Answer

The Answer of Generally accepted accounting principles (GAAP)require that inventory be recorded at
A) the lower of cost or fair market value.
B) the lower of cost or net realizable value.
C) the higher of cost or net realizable value less a normal profit (floor).
D) none of the above.

Generally Accepted Accounting Principles (GAAP)require That Inventory Be Recorded at