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Accounting Principles and Formulas Questions 100% Verified Answers | UPDATED Lower of Cost or Market (LCM) Principle - ANSWER The company must report inventories at cost or the current marked price, whichever is lower. Net Purchase Formula - ANSWER Purchases - Purchase discounts - Purchase returns and allowances + Freight in = Net Purchases All-Costs-To-Get-Operating Principle - ANSWER Requires a business to capitalize all costs necessary to get an asset operating. Bo...