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Part One Taylor Tools uses the lower-of-cost-or-NRV method to value its inventory. Taylor...

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Accounting

Part One
Taylor Tools uses the lower-of-cost-or-NRV method to value its inventory. Taylor Tools has reviewed the information for the sanders that it is currently manufacturing and believes the following is true:
Sales Value once Completed $16,000
Current Manufacturing Cost of Incomplete Inventory 11,000
Estimated Cost of Completion 4,000
Estimated Selling Costs to be Incurred 1,500
Compute the net realizable value of Taylor Tools' sanders.
Inventory Value-Unfinished
Less: Estimated Cost of Completion
Estimated Selling Costs
Net Realizable Value

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