Objective: Your task is to conduct research on the Lower of Cost or Market (LCM) inventory valuation method. Your research should focus on understanding the concept of LCM, its use in accounting, and the benefits and drawbacks of using this method for inventory valuation. Instructions: 1. Conduct research on the LCM inventory valuation method. Use a variety of sources, includ ing textbooks, academic articles, to gain a comprehensive understanding of the topic (using websites data is not permitted). 2. Prepare a report summarizing your research. Your report should include the following: (a) A definition of the LCM inventory valuation method, including how it differs from other inventory valuation methods such as FIFO and weighted average cost. (b) A discussion of the benefits of using the LCM inventory valuation method, including its ability to provide a more accurate representation of inventory value and its ability to identify obsolete or slow-moving inventory. (c) A discussion of the drawbacks of using the LCM inventory valuation method, including the potential for inconsistent application of the method and its impact on financial statements Grading: Your report will be graded based on the following criteria: 1. The accuracy and completeness of your research. 2. The clarity and organization of your report. 3. The quality of your writing, including proper grammar, punctuation, and spelling. 4. The proper citation of your sources