Given the historical cost of product Z is $150, the selling price of product Z is $190, costs to sell product Z are $21, and the cost to complete product Z is $30, what is the net realizable value that should be used in the lower-of-cost-or-net realizable value comparison?

Question

Quizplus · Accepted Answer

The net realizable value is calculated by subtracting the costs to sell and costs to complete from the selling price. In this case, the net realizable value would be $190 - $21 - $30 = $139. Therefore, the lower-of-cost-or-net realizable value comparison would use $139 as the net realizable value.

Given the Historical Cost of Product Z Is $150, the Selling