Question: Beatriz Diaz is studying for the next accounting midterm examination. What should Beatriz know about (a) Departing from the cost basis of accounting for inventories

Beatriz Diaz is studying for the next accounting midterm examination. What should Beatriz know about
(a) Departing from the cost basis of accounting for inventories and
(b) The meaning of "net realizable value" in the lower-of-cost-or-net realizable value method?

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