ACC 304 All Assignments ACC 304 All Assignments | Page 118

d. selling price less costs to complete and sell.
39. If a unit of inventory has declined in value below original cost,
but the market value exceeds net realizable value, the amount to be
used for purposes of inventory valuation is
a. net realizable value.
b. original cost.
c. market value.
d. net realizable value less a normal profit margin.
40.
Inventory may be recorded at net realizable value if
a. there is a controlled market with a quoted price.