The most common approach to implementing the LCNRV or LCM rule for inventory valuation is to apply it to a. inventory items that have increased in value but not to items that have decreased in value. b. each major category of inventory. c. the total inventory in the aggregate. d. each individual item of inventory separately.

Manipulation manufacturing's (amm) standards anticipate that there will be 5 pounds of raw material used for every unit of finished goods produced. amm began the month of maymay with 8,000 pounds of raw material, purchased 25,500 pounds for $ 15,300 and ended the month with 7,400 pounds on hand. the company produced 4,9004,900 units of finished goods. the company estimates standard costs at $ 1.10 per pound. the materials price and efficiency variances for the month of maymay were: