Question: 24. Which statement is true concerning the LCM (lower cost or market) application to inventory? a. Failure to apply may violate the cost principle b.

24. Which statement is true concerning the LCM (lower cost or market) application to inventory?

a. Failure to apply may violate the cost principle

b. It can be applied at the unit or sub-category levels

c. Cost of Goods Sold may need to be adjusted

d. All of the above

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