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(a) What approach may be employed in applying the lower-of-cost-or net realizable value (LCNRV)? (b)...

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Accounting

(a) What approach may be employed in applying the lower-of-cost-or net realizable value (LCNRV)?

(b) Which approach is normally used and why?

(C) What is the equation to determine net realizable value (NRV)?

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