In applying LCNRV, net realizable value is defined as the original purchase price less any costs required to make the goods ready for sale.

Name: In applying LCNRV, net realizable value is defined as the original purchase price less any costs required to make the goods ready for sale.
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Question

Quizplus · Accepted Answer

Net realizable value is defined as the estimated selling price of goods minus the estimated costs of completion and disposal. It does not include the original purchase price.

In Applying LCNRV, Net Realizable Value Is Defined as the Original