Lower-Of-Cost-And-Net-Realizable-Value (LCNRV) Rule

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Description

A method of inventory pricing in which goods are valued at original cost or net realizable value, whichever is lower.

Below you can find two links, each explaining in depth the difference between 'Lower of Cost' and 'Net Realizable Value':

http://en.wikipedia.org/wiki/Lower_of_cost_or_market

http://en.wikipedia.org/wiki/Net_realizable_value

Concept Prerequisite

Wikipedia Reference

http://en.wikipedia.org/wiki/Net realizable value

Learning Material

Covered in Topic(s)

 
Inventories & the COGS
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