Question: Peter Lunde is studying for the next accounting mid-term examination. What should Peter know about? (a) Departing from the cost basis of accounting for inventories

Peter Lunde is studying for the next accounting mid-term examination. What should Peter know about?
(a) Departing from the cost basis of accounting for inventories and
(b) The meaning of “market” in the lower-of-cost-or market method?

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