novelli's nursery has developed the following data in order to calculate the lower of cost or net realizable value for its products. the individual products are listed within the categories of trees. selling price cost broad leaf trees: ash $ 1,720 $ 1,660 beech 2,560 1,560 needle leaf trees: cedar $ 2,980 $ 1,710 fir 3,000 3,310 fruit trees: apple $ 2,040 $ 1,360 cherry 2,660 1,760 the costs to sell are 10% of selling price.
Required:
Determine the reported inventory value assuming the lower of cost and net realizable value rule is applied to individual trees.

Question

06-12-2022
Business

Answered

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novelli's nursery has developed the following data in order to calculate the lower of cost or net realizable value for its products. the individual products are listed within the categories of trees. selling price cost broad leaf trees: ash $ 1,720 $ 1,660 beech 2,560 1,560 needle leaf trees: cedar $ 2,980 $ 1,710 fir 3,000 3,310 fruit trees: apple $ 2,040 $ 1,360 cherry 2,660 1,760 the costs to sell are 10% of selling price.
Required:
Determine the reported inventory value assuming the lower of cost and net realizable value rule is applied to individual trees.

Sagot :

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The method for determining the current asset or inventory value that will be included in the company's balance sheet is known as net realizable value. The difference between the Asset's selling cost and its market value is its net realizable value.

What exactly is the Net Realizable Value (NRV)?

An inventory accounting valuation technique known as net realizable value (NRV) takes into account an asset's potential total value after deducting a reasonable estimate of the costs, fees, and taxes associated with its sale or disposal.

With an example, what is net realizable value?

NRV is the expected selling price minus the total costs of production and sale. For instance, if a business lists items for $50 but anticipates that they will only sell for $35 at a discount, use $35 as the value and the expected selling price.

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What exactly is the Net Realizable Value (NRV)?

With an example, what is net realizable value?

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