Which statement is untrue?
A) Inventory is normally valued at cost.
B) In certain circumstances some inventory items will be valued at below cost.
C) In certain circumstances some inventory items will be valued at above cost.
D) Net realisable value is related to estimated market value.

Question

Quizplus · Accepted Answer

Inventory is typically recorded at cost or net realizable value, whichever is lower, according to the lower of cost or market rule. Valuing inventory above cost is not a standard accounting practice.

Which Statement Is Untrue