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Accountants generally follow the lower of cost or market (LCM) basis of inventory valuations. a. Define...

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Accounting

Accountants generally follow the lower of cost or market (LCM)basis of inventory valuations. a. Define cost as applied to thevaluation of inventories b. Define market as applied to thevaluation of inventories. c. Why are inventoies valued at the lowerof cost or market? d. List the arguments against the use of the LCMmethod of valuing inventories.

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