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I can explain Lower of Cost or NRV
Writing stock down when it can't be sold for at least what it cost.
Inventories are measured at the lower of cost and net realizable value (NRV) - estimated selling price less costs of completion and sale.
Sticky trick
NRV tests matter most for perishables, fashion, and tech that ages fast.
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In plain English, what is Lower of Cost or NRV?
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