1.
Concept Introduction:
The carrying value of inventory assuming LCNRV.
2.
Concept Introduction:
Valuation of inventory: Company report inventory using a lower cost or net realizable value approach. To do this comparison of the cost of inventory with net realizable inventory is required. Net realizable value is the expected selling price of inventory in the ordinary course of business.
The carrying value of inventory assuming LCNRV.
3.
Concept Introduction:
Valuation of inventory: Company report inventory using a lower cost or net realizable value approach. To do this comparison of the cost of inventory with net realizable inventory is required. Net realizable value is the expected selling price of inventory in the ordinary course of business.
The necessary adjustment based on 1 and 2 above.
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