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FAR > Lower Of Cost Or Market > Flashcards

Lower Of Cost Or Market Flashcards

1
Q

Replacement Cost is

A

Market Value

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2
Q

When determining LCM with actual number data…

A

LCM is the amount of either cost or market that is in the middle of the three

Ceiling (NRV)

Cost or Market amount

Floor (NRV - NPM)

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3
Q

Lower of cost or market (LCM)

A

Ceiling (net realizable value)

Floor (net realizable value - normal profit margin)

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FAR (23 decks)

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