LCNRV is applied to inventory
A) at the end of the period.
B) at the beginning of the period.
C) after each purchase.
D) after each sale.

Name: LCNRV is applied to inventory A) at the end of the period. B) at the beginning of the period. C) after each purchase. D) after each sale.
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Question

Quizplus · Accepted Answer

LCNRV is applied to inventory at the end of the accounting period to ensure that inventory is reported at the lower of cost or net realizable value on the financial statements.

LCNRV Is Applied to Inventory