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Lower of cost or market is a method of inventory pricing by which the inventory is priced at cost or market, whichever is lower. It is an application of conservatism in accounting.
Explanation
Under generally accepted accounting principles (GAAP), the presumption is that inventories will be recorded at cost, If however, the utility of the goods in the inventory is not as great as their cost is, the goods must be written down to the lower of cost or market. Although this is a violation of the historical cost principle, accountants feel that losses should be recorded as soon as they become evident. thus, in this case, the concept of conservatism takes precedence over historical cost convention. Approximately 90% of the 600 companies surveyed by the AICPA in 2019 reported their inventory at the lower of cost or market.
The Theory of Lower of Cost or Market (LCM)
In applying the lower of cost or market rule, cost is determined by one of the cost flow methods; market, in this case, generally means replacement cost, or the cost to purchase a similar inventory item. The use of lower of cost or market is based on the theory that if an item’s replacement cost decreases in the current period, its sales price will ultimately decrease. Because accountants feel that all losses should be recognized when they occur, this loss is recognized in the period that it occurs – that is, when the price declines – not in a later period – when the item is eventually sold.
Example
To illustrate the theory behind the LCM rule, assume the following facts:
- During year 1 the Shanken Company purchases one item of inventory for $80. The normal selling price is $100, which represents a gross margin percentage of 20%.
- The item is held during the entire year. However, during the current year its replacement cost falls 10%. from $80 to $72. No other transaction takes place during the year.
- During year 2 the item is sold for $90.
The Application of Lower of Cost or Market
The application of lower of cost or market is a two-step process. In the first step, market, defined as the item’s replacement cost, is determined. This can usually be done by examining vendors’ invoices at the end of the year. In the second step, market or replacement cost is compared with cost, and if necessary, the inventory is reduced to the lower of cost or market (LCM). Under generally accepted accounting principles, the comparison can be made on (1) an item-by-item basis, (2) a group-of-items basis, or (3) the inventory as a whole. The LCM comparison on all three bases is shown in the below example.
Lower of Cost and Market and Income Taxes
The Internal Revenue Code contains specific regulations pertaining to the use of lower of cost or market for federal tax purposes. Two of these provisions differentiate the use of lower of cost or market for tax purposes from financial reporting purposes. First, for tax purposes, only FIFO (no LIFO) can be used in conjunction with lower of cost or market. For generally accepted accounting (GAAP) purposes, however, LIFO combined with lower of cost or market is a valid method. Second, for tax purposes, lower of cost or market can be applied only on an item-by-item basis. The group or total inventory method cannot be used.