Question

Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following:

1. The specific seven-digit Codification citation (XXX-XX-XX) that contains discussion of the measurement of ending inventory using the lower of cost or net realizable value (LCNRV) rule and the lower of cost or market (LCM) rule.
2. The specific eight-digit Codification citation (XXX-XX-XX-X) that describes the measurement of the ceiling using the lower of cost or market (LCM) rule.
3. The specific eight-digit Codification citation (XXX-XX-XX-X) that describes the measurement of the floor using the lower of cost or market (LCM) rule.

Answer 1

FASB ASC 330-10-35

Step-by-step explanation:

The correct answer to the given question is FASB ASC 330-10-35.

The specific seven digit codification citation for the measurement of ending inventory using lower of cost or net realisable value is FASB ASC 330-10-35. The codification is provided by FASB.