CMRP Exam Dumps | Which of the following statements will be true when a company applies the "lower of cost or market" rule

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SMRP.CMRP.v2025-05-12.q83
Question 48

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Question 48/83

Which of the following statements will be true when a company applies the "lower of cost or market" rule and reports inventory at replacement cost?

A. Net realizable value is greater than replacement cost.

B. Original cost is less than replacement cost.

C. Replacement cost is greater than net realizable value.

D. None of the above

Correct Answer: A

When a company applies the "lower of cost or market" rule and reports inventory at replacement cost, net realizable value is greater than replacement cost. The replacement cost is used as the market value when it falls in between the maximum (net realizable value) and the minimum (net realizable value less normal profit).

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