Question: 1 7 1 8 1 9 2 0 2 1 Most inventory accounting procedures follow the historical cost principle. In cases where the market value

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Most inventory accounting procedures follow the historical cost principle. In cases where the market value of inventory has dropped below its original cost, generally accepted accounting principles

(

GAAP

)

permit departure from the historical cost concept. Which of the following inventory costing methods does NOT follow the historical cost principle?

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