What do firms use as the market value when applying the lower- of- cost- or- market (LCM)

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What do firms use as the market value when applying the lower- of- cost- or- market (LCM) rule? Are there any limits on the use of this value? Explain.
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Intermediate Accounting

ISBN: 978-0132162302

1st edition

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

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