Why is the lower- of- cost- or- NRV rule applied to inventory valuation?

Question:

Why is the lower- of- cost- or- NRV rule applied to inventory valuation?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Intermediate Accounting

ISBN: 978-0071339476

Volume 1, 6th Edition

Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I

Question Posted: