What is the Lcnrv rule?

What is the Lcnrv rule? Lower of Cost and Net Realizable Value (LCNRV) Generally accepted accounting principles require that inventory be valued at the lesser amount of its laid-down cost and the amount for which it can likely be sold—its net realizable value(NRV). What is the purpose of the Lcnrv method? What is the purpose … Continue reading What is the Lcnrv rule?