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In applying the lower of cost or market

01/05/2021 Client: muhammad11 Deadline: 2 Day

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

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