Sarasota Corporation has the following four items in its ending inventory: Item Neutrinos $ 1,880 4,920 Ocillinos Electrons Protons Item Neutrinos Ocillinos Electrons Cost Protons Total 4,330 3,390 Assume that Sarasota is a public company using IFRS. Determine the total value of ending inventory using the lower of cost and net realizable value model applied on an individual item basis. $ Estimated Selling Price $2,160 $ 4,820 4,665 4,400 Estimated Disposal Costs $107 115 LC and NRV 197 114

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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.