True or False: In using the LIFO retail method, the current period cost-to-retail percentage includes both net markdowns and net markups.
Answer: TRUE
True or False: Inventory written down due to LCM may be written back up if market values go back up.
Answer: FALSE
Transfers between categories
a. result in companies omitting recognition of fair value in the year of the transfer.
b. are accounted for at fair value for all transfers.
c. are considered unrealized and unrecognized if transferred out of held-to-maturity into trading.
d. will always result in an impact on net income.
Answer: are accounted for at fair value for all transfers
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