Why are inventories valued at the lower of cost or net realizable value Lcnrv )?
Why are inventories valued at the lower of cost or net realizable value Lcnrv )? Why are inventories valued at the lower-of-cost-or-net realizable value (LCNRV)? Departure from cost is required; however, when the utility of the goods included in the inventory is less than their cost, this loss in utility should be recognized as a … Continue reading Why are inventories valued at the lower of cost or net realizable value Lcnrv )?
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