When using FIFO for inventories,market value generally refers to ________ under U.S.GAAP and ________ under IFRS.

Question

Quizplus · Accepted Answer

Under both U.S. GAAP and IFRS, market value for inventories when using the FIFO method generally refers to net realizable value. This is the estimated selling price in the ordinary course of business, minus reasonably predictable costs of completion, disposal, and transportation.

When Using FIFO for Inventories,market Value Generally Refers to ________