LOCM

(redirected from Lower of Cost or Market)
Also found in: Financial, Wikipedia.
AcronymDefinition
LOCMLaw of Conservation of Matter (energy)
LOCMLower of Cost or Market (inventory valuation)
LOCMLow Osmolar Contrast Material
LOCMLow Osmolality Contrast Media
LOCMLack of Cohesion of Methods (software metrics)
References in periodicals archive ?
If classified as inventory, allowances are carried as current assets at the lower of cost or market, and their cost is expensed as they are sold or consumed.
Each is valued at the lower of cost or market. Sales and some value changes flow through income.
Cost or market general rule: When valuing items of inventory for tax purposes under the lower of cost or market value method, the determination of cost or market is made for each item of inventory on hand at the inventory valuation date.(7) For purchased inventory items, "cost" generally means the invoice price less trade or other discounts, plus transportation or other charges incurred in acquiring possession of the goods.(8) For produced inventory items, "cost" means the cost of raw materials and supplies entering into or consumed in connection with the product, expenditures for direct labor; and indirect production costs incident to and necessary for the production of the particular inventory item.(9)