question 20 (mandatory) (2 points) listen generally accepted accounting principles require that the…

question 20 (mandatory) (2 points) listen generally accepted accounting principles require that the inventory of a company be reported at: market value. historical cost. lower of cost or market. replacement cost. retail value. question 21 (mandatory) (2 points)

question 20 (mandatory) (2 points) listen generally accepted accounting principles require that the inventory of a company be reported at: market value. historical cost. lower of cost or market. replacement cost. retail value. question 21 (mandatory) (2 points)

Answer

Brief Explanations:

Generally accepted accounting principles (GAAP) state that inventory should be reported at the lower of cost or market value. This is to ensure that assets are not over - stated. Cost refers to the historical cost of acquiring the inventory, while market value is the current replacement cost.

Answer:

C. Lower of cost or market.