Question

According to this standard inventories in general should be valued at lower of historical cost and
net realizable cost.?​

Answer 1

Answer:

Explanation:

Obsolescence, over supply, defects, major price declines, and similar problems can contribute to uncertainty about the “realization” (conversion to cash) for inventory items. Therefore, accountants evaluate inventory and employ lower of cost or net realizable value considerations.

Answer 2

Answer:

Obsolescence, over supply, defects, majorprice declines, and similar problems can contribute to uncertainty about the “realization” (conversion to cash) forinventory items. Therefore, accountants evaluate inventory and employ lower of cost or net realizable valueconsiderations.

Explanation:

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