Enrolled Agent Exam [Part 2] 54, Lower of Cost or Market (LCM)

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The Lower of Cost or Market (LCM) method requires inventory to be valued at the lesser of its historical cost or current market value. - For tax purposes, "market" is typically the current replacement cost of the inventory. - The LCM method cannot be used if the taxpayer uses the LIFO i...