Question: Please help, multiple answers are possible Compare and contrast methodology to determine the lower of cost or market (net realizable value) under US GAAP and
Please help, multiple answers are possible

Compare and contrast methodology to determine the lower of cost or market (net realizable value) under US GAAP and IFRS. V Market is determined as the net realizable value for FIFO and Average Cost companies under US GAAP Market is the current replacement cost, subject to the ceiling and floor limitations for LIFO companies under US GAAP. V Market is determined as the net realizable value for US GAAP for any inventory valuation method used. Market is determined as the net realizable value for FIFO and Average Cost companies under IFRS Market is determined as the net realizable value for IFRS V Market is the current replacement cost, subject to the ceiling and floor limitations for FIFO companies under US GAAP
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