Answer to Question #62557 in Accounting for Asif

Question #62557
The damaged stock, if its market price is less than its cost price, should be valued at cost price. please elaborate
1
Expert's answer
2016-10-14T14:10:04-0400
In lower of cost or market (LCM), inventory items are written down to market value when the market value is less than the cost of the items.

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