Solved: Lower of cost or market method, Accounting Basics

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Lower of cost or market method

Question: Masterlink Co., in applying the lower of cost or market method, reports its inventory at net realizable value. Which of the following statements are correct?

Cost is greater than NRV is greater than net realizable value replacement cost

A. Yes Yes

B. No No

C. Yes No

D. No Yes

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Accounting Basics: Lower of cost or market method

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