Question
Rensic Inc. values its inventory at the lower of cost or net realizable value (LCNRV) as required by IFRS. Rensic has the following information regarding
- Rensic Inc. values its inventory at the lower of cost or net realizable value (LCNRV) as required by IFRS. Rensic has the following information regarding its inventory:
| Historical cost | $1,500 |
| Estimated selling price | 1,350 |
| Estimated costs to complete and sell | 75 |
| Replacement cost | 1,200 |
Required: What is the amount for inventory that Rensic Inc. should report on the balance sheet under the lower of cost or net realizable value method?
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Frequently Asked Questions In International Standards On Auditing
Authors: Steven Collings
1st Edition
1118765419, 978-1118765418
