Question: Current Attempt in Progress What is the rationale behind the ceiling when applying the lower - of - cost - or - market method to

Current Attempt in Progress
What is the rationale behind the ceiling when applying the lower-of-cost-or-market method to inventory?
Allows for items to be valued at replacement cost.
Prevents overstatement of the value of obsolete or damaged inventories.
Prevents understatement of the inventory value.
Allows for a normal profit to be earned.
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Current Attempt in Progress What is the rationale

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