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Inventory: The Lower-of-Cost-or-Market Rule

This lesson discusses the lower-of-cost-or-market rule that sometimes requires the book value of inventory to be reduced to its market value. Before taking this lesson, you should already be familiar with the basic accounting rules that govern inventory. Another lesson, Inventory and the Cost of Goods Sold, covers those basic concepts.

Lesson Completion Time

25 minutes
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Lesson Authors

Lesson ID

ACCT08