What does LCOM mean in Unclassified?
This page is about the meanings of the acronym/abbreviation/shorthand LCOM in the Miscellaneous field in general and in the Unclassified terminology in particular.
Lower of Cost Or Market
Submitted by S4Bot on June 21, 2019
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Definition
What does LCOM mean?
- Lower of cost or market
- Lower of cost or market (LCM or LOCOM) is a conservative approach to valuing and reporting inventory. Normally, ending inventory is stated at historical cost. However, there are times when the original cost of the ending inventory is greater than the net realizable value, and thus the inventory has lost value. If the inventory has decreased in value below historical cost, then its carrying value is reduced and reported on the balance sheet. The criterion for reporting this is the current market value. Any loss resulting from the decline in the value of inventory is charged to "Cost of goods sold" (COGS) if non-material, or "Loss on the reduction of inventory to LCM" if material.
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"LCOM." Abbreviations.com. STANDS4 LLC, 2024. Web. 27 Apr. 2024. <https://www.abbreviations.com/term/2076316>.
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