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  3. when using lower of cost or market, the designated

When using Lower of Cost or Market, the designated market value ...

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Accounting

When using Lower of Cost or Market, the designated market value

is always the middle value of replacement cost, net realizable value, and net realizable value less a normal profit margin.

should always be equal to net realizable value.

should always be equal to net realizable value less a normal profit margin.

may sometimes exceed net realizable value.

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