PT. Antigen follows the practice of pricing its inventory at LCNRV on an individual items basis (dalam Rp. 000.000) on December 31 2009: Item No Quantity Cost per Unit NRV per Unit 1320 1333 1426 1437 1510 1522 1573 1626 1.200 900 800 1.000 700 500 3000 1.000 3.2 2.7 4.5 3.6 2.25 3.00 1.8 4.7 4.15 3.00 4.6 2.95 2.45 3.4 1.75 5.5   (i) Determine the inventory as December 31 2019 by the LCNRV method, applying to this method to each item (ii) Determine the inventory as December 31 2019 by the LCNRV method, applying the method to the total of the inventory

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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.