Discuss the assumptions about the inventory value, Cost Accounting

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Discuss the assumptions about the inventory value

Response to the following questions:

1. What assumptions are necessary for the lower of cost or market retail inventory method to actually produce an inventory value equal to the lower of average cost or market?

2. The retail inventory method indicated an inventory value of $80,000. A physical inventory indicated a value of $70,000. Suggest possible causes of this discrepancy.

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Cost Accounting: Discuss the assumptions about the inventory value

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Cost Accounting: Discuss the assumptions about the inventory value

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