Question: (S.O. 1) Let A equal the reported inventory value if the lower-of-cost-or-market rule is applied to individual items of inventory; B equals the reported inventory

(S.O. 1) Let A equal the reported inventory value if the lower-of-cost-or-market rule is applied to individual items of inventory; B equals the reported inventory value if the lower of cost or market rule is applied to the inventory as a whole. Which of the following best describes the relationship between A and B? "hi A will always be equal to B.

A will always be equal to or less than B.

A will always be equal to or greater than B.

vaw> A can never be equalt o B.

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