ABC company follows the principle of lower of cost or net realizable value (NRV) to report...

  

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ABC company follows the principle of lower of cost or net realizable value (NRV) to report its inventory. The following shows the data related to the inventory on 12/31/2020: Product Model Model X Model Y Model Z Model Alpha Units 20 15 10 30 Cost per unit $150 110 125 140 NRV per unit $155 105 115 150 What amount should ABC report its total cost of inventory on the 12/31/2020 Balance Sheet? ABC company follows the principle of lower of cost or net realizable value (NRV) to report its inventory. The following shows the data related to the inventory on 12/31/2020: Product Model Model X Model Y Model Z Model Alpha Units 20 15 10 30 Cost per unit $150 110 125 140 NRV per unit $155 105 115 150 What amount should ABC report its total cost of inventory on the 12/31/2020 Balance Sheet?

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The principle of lower of cost or net realizable value NRV requires that inventory be recorded at th... View the full answer