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Gross profit method example - PowerPoint PPT Presentation

Chapter 9

Chapter 9. Inventory: Additional Issues. LCM is a departure from historical cost and is a conservative accounting method. Lower of Cost or Market (LCM). GAAP requires that inventories be carried at cost or current market value, whichever is lower. Determining Market Value. Net Realizable

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Ch. 9: Inventory Lower of Cost or Market

Ch. 9: Inventory Lower of Cost or Market. The lower of cost or market is an exception to the historical cost principle. Future potential of the asset < original cost: Restate asset at market to replace cost. Loss charged against revenues of the period.

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Gross profit method example - PowerPoint PPT Presentation

Chapter 9

Ch. 9: Inventory Lower of Cost or Market