Question: This question is for verification: Completion costs are the additional expenses incurred to bring a product to its final state and ready for sale. These

This question is for verification:

Completion costs are the additional expenses incurred to bring a product to its final state and ready for sale. These costs include direct labor, materials, and other overhead costs necessary to complete the production process

(

but these are not costs that are part of the cost of the inventory itself, right?

)

NRV

=

estimated selling price of the product

estimated completion costs

+

estimated selling costs needed to get it ready for sale

(

but these are not costs that are part of the cost of the inventory itself, right?

)

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