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NEW QUESTION: 1


Answer:
Explanation:

NEW QUESTION: 2


Answer:
Explanation:

Explanation

NEW QUESTION: 3
Lower of cost or market rule can be applied directly to:
A. total inventory only.
B. each inventory item/category only.
C. all of them (item, category or total).
Answer: C
Explanation:
The most common practice is to price the inventory on an item-by-item basis. Whichever method is selected, it should be applied consistently from one period to another.