The conventional retail inventory method is based on:
A.	Average cost.
B.	LIFO cost.
C.	Average, lower of cost and net realizable value.
D.	LIFO, lower of cost and net realizable value.
Answer:C
The conventional retail inventory method is based on:
A.	Average cost. B.	LIFO cost. C.	Average, lower of cost and net realizable value. D.	LIFO, lower of cost and net realizable value.