Business, 26.02.2020 21:31 weirdojuwin

Which statement concerning lower of cost or market (LCM) is incorrect? Under the LCM basis, market does not apply because assets are always recorded and maintained at cost. The LCM basis uses current replacement cost because a decline in this cost usually leads to a decline in the selling price of the inventory item. LCM is applied after one of the cost flow assumptions has been applied. LCM is an example of a company choosing the accounting method that will be least likely to overstate assets and income.

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Which statement concerning lower of cost or market (LCM) is incorrect? Under the LCM basis, market d...