Discuss the lower-of-cost-or-market rule

Reference no: EM131527629

Question: In groups of three or four, examine the financial statements of a well-known retailing business. You may obtain the financial statements you need from one of the following sources:

1. Your school or local library.

2. The investor relations department of the company.

3. The company's Web site on the Internet.

4. EDGAR (Electronic Data Gathering, Analysis, and Retrieval), the electronic archives of financial statements filed with the Securities and

Exchange Commission. SEC documents can be retrieved using the EdgarScan service from PricewaterhouseCoopers at https://edgarscan. pwcglobal.com. To obtain annual report information, type in a company name in the appropriate space. EdgarScan will list the reports available to you for the company you've selected. Select the most recent annual report filing, identified as a 10-K or 10-K405. EdgarScan provides an outline of the report, including the separate financial statements. You can double-click the income statement and balance sheet for the selected company into an Excel spreadsheet for further analysis. Determine the cost flow assumption(s) that the company is using for its inventory, and determine whether the company is using the lower-of-cost-or-market rule. Prepare a written summary of your findings.

Reference no: EM131527629

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