Review the steps below that apply LCM to individual items of inventory. Place them in the correct order of occurrence. Instructions Choice 1 of 6. List the market price of each item. toggle button List the market price of each item.
Choice 2 of 6. Compute total cost and total market value for each item. toggle button Compute total cost and total market value for each item.
Choice 3 of 6. List the cost of each item. toggle button List the cost of each item.
Choice 4 of 6. Compare recorded cost of each inventory item with its replacement cost. List lower of cost or market. toggle button Compare recorded cost of each inventory item with its replacement cost. List lower of cost or market.
Choice 5 of 6. Adjust inventory downward when market is less than cost. toggle button Adjust inventory downward when market is less than cost.
Choice 6 of 6. List the number of units of each product. toggle button List the number of units of each product.