Sheridan Video Center accumulates the following cost and net realizable value data at December 31. Inventory Categories Cameras Camcorders DVDs Cost $10,870 8,620 10,960 Net Realizable Value $11,950 9,480 9,660 Compute the lower-of-cost-or-net realizable value for the company's inventory. Lower-of-cost-or-net realizable value

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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.