Number your answer space from a-b

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Use the excerpt below from the FASB Accounting Standards Codification to answer the following question.

 

Number your answer space from a-b.
Use the excerpt below from the FASB Accounting Standards Codification to answer the
following question.
When inventory cost is measured by first-in, first out, at what amount should inventory be
stated when the utility of goods is no longer be as great as its cost? You are not required to
restate the question.
a.   Answer
b.   Reference
RQ Excerpt:
General
330-10-35-1
Paragraph superseded by Accounting Standards Update No. 2015-11Links to an external
site..
330-10-35-1A
The subsequent measurement of inventory depends on the cost method and is different
for the following:
1. Inventory measured using any method other than last-in, first-out (LIFO) or the
retail inventory method (see paragraph 330-10-35-1BLinks to an external site.)
2. Inventory measured using LIFO or the retail inventory method (see paragraphs
> Inventory Measured Using Any Method Other Than LIFO or the Retail Inventory
Method
330-10-35-1B
Inventory measured using any method other than LIFO or the retail inventory method (for
example, inventory measured using first-in, first-out (FIFO) or average cost) shall be
measured at the lower of cost and net realizable value. When evidence exists that the net
realizable value of inventory is lower than its cost, the difference shall be recognized as a
loss in earnings in the period in which it occurs. That loss may be required, for example,
due to damage, physical deterioration, obsolescence, changes in price levels, or other
causes.

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