When applying lower of cost or market under the FIFO, average cost, or specific identification...
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Accounting
When applying lower of cost or market under the FIFO, average cost, or specific identification method, market value Ois defined as the net realizable value. O should not exceed the net realizable value less an allowance for a normal profit margin. Ois defined as the selling price. Oshould not exceed the net realizable value plus an allowance for a normal profit margin
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