Question: Question 5 (3 points) Under the lower-of-cost-or- market method, the replacement cost of an inventory item would be used as the designated market value a)

Question 5 (3 points) Under the lower-of-cost-or- market method, the replacement cost of an inventory item would be used as the designated market value a) When it is below the net realizable value and above the net realizable value less the normal profit margin. b) When it is below the net realizable value less the normal profit margin. c) Regardless of net realizable value d) When it is above the net realizable value

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