The inventory valuation rule is to value inventory at the lower of cost and net realisable value on an item-by-item basis.
Explain the meaning of:
i.cost
ii.net realisable value
iii.the overall operation of the rule.

Question

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The Answer of The inventory valuation rule is to value inventory at the lower of cost and net realisable value on an item-by-item basis.
Explain the meaning of:
i.cost
ii.net realisable value
iii.the overall operation of the rule.

The Inventory Valuation Rule Is to Value Inventory at the Lower