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1038


Lower of cost or market: U.S. GAAP
ARB No. 43, Chapter 4, Para. 8
asc 330-10-35-1
Inventories are valued at the lower of cost or market.

ARB No. 43, Chapter 4, Para. 9
asc 330-10-35-4
Market = current replacement cost
Upper limit of market = net realizable value (NRV)
Lower limit of market = NRV - normal profit margin

NRV = estimated selling price - costs of completion and disposal\
 

   
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