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LowerofCostorNet Realizable Value LCNRV
>> YOUR LINK HERE: ___ http://youtube.com/watch?v=h5VavVqBF8s
Today, we will talk about another inventory write-down approach called Lower-of-Cost-or-Net Realizable Value. • ⬇️⬇️⬇️ • Recommended videos: • Lower-of-Cost-or-Market (LCM) and Other Inventory Write-Downs • Master Lower-of-Cost-or-Market Inve... • The Accounting Equation and the Rules of Debit and Credit • Mastering Debit and Credit Made Easy! • Inventories and Cost of Goods Sold • Inventories and Cost of Goods Sold • Merchandising Activities • Merchandising Activities (Chapter 6) • Financial Accounting • Financial Accounting • Intermediate Accounting • Intermediate Accounting • Timeline: • 00:00 Introduction • 00:19 When Is it Time to Write Down Inventory? The GAAP Requirement • 00:48 What Is Net Realizable Value? • 01:09 EXAMPLE • 01:48 Lower-of-Cost-or-Net-Realizable-Value in a Graph - Easy to Understand! • 02:32 How Should it be Applied? At the Individual Item, Category, or Total Inventory Levels • 02:55 Journal Entry to Record the Inventory Write-Down - When the Amount in Immaterial - Using the Cost of Goods Sold Account • 03:25 The Link to the Rules of Debit and Credit Video • 03:32 Journal Entry to Record the Inventory Write-Down - When the Amount in Material - Using the Loss Due to Decline in Inventory Value Account • 04:10 Recommended Videos and Playlists • The textbook used in this video: Intermediate Accounting, Kieso ● Weygandt ● Warfield, 18th edition. Chapter 9. • Additional resources: • https://www.amsa-online.com/free-reso... • American Modern School of Accounting is a nonprofit online vocational school that offers several programs to help adult learners to start or advance their careers in bookkeeping and accounting. • We offer the following programs: • • Certificate in Computerized Accounting with QuickBooks • • Certificate in Computerized Bookkeeping with QuickBooks • • Certificate in Computerized Bookkeeping with QuickBooks (Budget Plan) • For more information, visit our website: https://www.amsa-online.com/ • #LCNRV, #LowerOfCostOrNetRealizableValue, #InventoryWriteDown, #FinancialAccountig, #Inventory, #COGS, #CostOfGoodsSold, #GAAP, #FinancialStatements, #FinancialReporting, #IncomeStatement, #BalanceSheet, #Losses, #LossDueToDeclineInInventoryValue, #Education, #Accounting, #AccrualAccountingConcepts, #RulesofDebitandCredit, #GeneralLedger, #JournalEntry, #LedgerAccount
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