Which of the following regarding valuation of inventories under GAAP is NOT correct? Group of...
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Accounting
Which of the following regarding valuation of inventories under GAAP is NOT correct?
Group of answer choices
A) Inventories should be measured at the lower of cost or market
B) Net realizable value is the estimated selling price less the estimated costs of completion but not the costs necessary to make the sale
C) The cost of inventories comprises all costs of purchase, costs of conversion, and other costs incurred in bringing the inventories to their present location and condition
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