5. If a unit of inventory has declined in value below original cost, but the market value exceeds net realizable value, the amount to be used for purposes of inventory valuation is a) net realizable value. b) original cost. c) market value. d) net realizable value less a normal profit margin.
5. If a unit of inventory has declined in value below original cost, but the market value exceeds net realizable value, the amount to be used for purposes of inventory valuation is a) net realizable value. b) original cost. c) market value. d) net realizable value less a normal profit margin.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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