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Multistep question need help with both. When the replacement cost of inventory drops below...

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Accounting

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Multistep question need help with both.

When the replacement cost of inventory drops below the cost recorded in the financial records, applying the lower of cost or net realizable value (LC&NRV) rule results in: Multiple Choice an Increase in gross profit. a decrease cost of goods sold. no change in net income, other things being equal. Inventory being written down to its net realizable value. O A merchandise company's beginning inventory plus merchandise purchases equals: Multiple Choice cost of goods sold. ending Inventory sales level. cost of goods available for sale

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