Rensic Inc. values its inventory at the lower of cost or net realizable value (LCNRV) as required by IFRS. Rensic has the following information regarding its inventory:
Question
1. Rensic Inc. values its inventory at the lower of cost or net realizable value (LCNRV) as required by IFRS.
Rensic has the following information regarding its inventory:
Historical cost
$1,500
Estimated selling price
1,350
Estimated costs to complete and sell
75
Replacement cost
1,200
Required: What is the amount for inventory that Rensic Inc. should report on the balance sheet under the lower of cost or net realizable value method?
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