Chapter 5 Leaming Note 3 October 7, 2020 Page 2 Inventory Presentation and Analysis section of Chapter 6 9. At a minimum, what must a company disclose in its notes to the financial statements regarding inventories? A B C 10. Define net realizable value as it relates to valuing inventory 11. How should inventories generally be valued? 12. Describe the general rule of lower-of-cost-or-net-realizable-value 13. Carefully study ilustration 6.16. 14. Lower-of-cost-or-net-realizable-value is an example of what concept? 15. a. What is the formula for calculating a company's inventory turnover? b. What does a high inventory turnover indicate? 16. What is the formula for calculating a company's Days in Inventory? 7. True or False: A high Inventory Tumover will result in low Days in Inventory