Why is the lower- of- cost- or- NRV rule applied to inventory valuation?

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Intermediate Accounting

ISBN: 978-0071339476

Volume 1, 6th Edition

Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I

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Question Posted: Aug 20, 2015 02:38 AM

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Why is the lower- of- cost- or- NRV rule applied to inventory valuation?

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The purpose of the LCNRV rule is to avoid overstating ...View the full answer

Intermediate Accounting

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