Question: If Lamont had previously written down the applicable inventory below its historical cost, is it permissible for Lamont to write the inventory values back up

If Lamont had previously written down the applicable inventory below its historical cost, is it permissible for Lamont to write the inventory values back up in value in its annual financial statements? Use FASB Codification guidance to answer this question.

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If Lamont had previously written down the

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