ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 86

a. drop of future utility below its original cost.

b. method of determining cost of goods sold.

c. assumption to determine inventory flow.

d. change in inventory value to market value.

30. The floor to be used in applying the lower-of-cost-ormarket method to inventory is determined as the