CMRP Exam Dumps | The "lower of cost or market" rule for inventories produces the lowest inventory amount when it is applied

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SMRP.CMRP.v2025-05-12.q83
Question 11

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Question 11/83

The "lower of cost or market" rule for inventories produces the lowest inventory amount when it is applied to:

A. Random samples

B. Groups of similar items

C. Total inventory

D. Each item separately

Correct Answer: D

The "lower of cost or market' (LCM) rule for inventories produces the lowest inventory amount when it is applied to each item separately. This is because applying the rule to each individual item will yield the lowest price for each item. To the extent that items are aggregated, the inventory valuation will be greater than the LCM.

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