Presented below is information related to Tamarisk Inc.’s inventory. (per unit)   Skis   Boots   Parkas Historical cost   $342.00   $190.80   $95.40 Selling price   381.60   261.00   132.75 Cost to sell   34.20   14.40   4.50 Cost to complete   57.60   52.20   38.25 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. Item                    Cost                     NRV             LCNRV Skits Boots  Parka

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.