Professional standards require that the following items related to inventory : I. The cost method...
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Accounting
Professional standards require that the following items related to inventory :
I. The cost method used (LIFO, FIFO, Weighted average cost).
II. The raw materials, work in process, and finished goods inventory balances.
III. The valuation method used ( net realizable value or lower of cost or market).
A. I only
B. II only
C. I and II
D. I, II and III
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