Question: 321 FASB Codification Ch 8 What guidance does the Codification provide concerning reporting inventories above cost? Only in cases may inventories properly be stated above

321 FASB Codification Ch 8

What guidance does the Codification provide concerning reporting inventories above cost? Only in cases may inventories properly be stated above cost. For example, precious metals having a ..monetary value with no substantial cost of may be stated at such monetary value; any other exceptions must be justifiable by .. to determine appropriate approximate costs, immediate marketability at quoted market price, and the characteristic of unit interchangeability.

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