Western company determines the cost of its inventory is $410,000 and net realizable value is $400,000. western company should:____.

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28-07-2022
Business

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Western company determines the cost of its inventory is $410,000 and net realizable value is $400,000. western company should:____.

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-08-09T10:24:59+02:00

Western company should record inventory at net realizable value that is $400,000. The lower of cost and net realizable value approach may be used for individual inventory items, categories of inventory, or the total inventory for financial reporting purposes.

GAAP permits the application of LCNRV to specific items, groups of items, or the entire inventory. When determining an asset's value for the inventory accounting, the net realizable value method is frequently utilized. Accounts receivable and inventory are two of the biggest assets that a firm may disclose on a balance sheet. Both of these asset classes are valued using the NRV method.

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