In applying LCNRV, net realizable value is defined as the sales price less costs incurred to make the sale.

Name: In applying LCNRV, net realizable value is defined as the sales price less costs incurred to make the sale.
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Question

Quizplus · Accepted Answer

This is the correct definition of net realizable value under LCNRV. It takes into account the estimated selling price of an inventory item, minus any costs incurred in order to sell the item (such as transportation or marketing expenses).

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