Question
Can you please help me understand how to calculate inventory using the LCNRV method. The LCNRV method is: lower-of-cost-or-net realizable value (LCNRV). For A. I
Can you please help me understand how to calculate inventory using the LCNRV method. The LCNRV method is: lower-of-cost-or-net realizable value (LCNRV).
For A. I need to determine the inventory for each of the 7 parts. But part 121 is obsolete and has a realizable value of $1 each as scrap. I am unsure how to treat part 121.
Can you please help?
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
9th edition
1-119-49356-3, 1119493633, 1119493560, 978-1119493631
