Published on in “Design”, language — English. 1 pages.
Whether or not a company uses the lower-of-cost-or-market method of valuing inventory is usually disclosed in a footnote to the financial statement. The two bases of inventory pricing most widely used are cost and lower-of-cost-or-market. The following principle requires a... company to show in its financial statements by means of a footnote or other manner, the inventory costing method used: An error in determining the cost of the ending inventory of a period generally results in misstated incoMore
