Lower of cost and net realizable value
A. Gives the lowest valuation if applied to the total inventory
B. Gives the lowest valuation if applied to major group of inventory
C. Gives the lowest valuationif applied to indivudual item of inventory
D. Must be applied to major group
Answer: C. Gives the lowest valuation if applied to individual item of inventory
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.