Reporting And Analyzing Inventories
Chapter Five Accounting for Inventories McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin.
Lower of Cost or Market (LCM) Inventory must be reported at lower of cost or market. Market is defined as current replacement cost (not sales price).
Inventory Valuation at Other Than Cost