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NRV

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › NRV

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
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    Posts
  • September 4, 2021 at 4:52 am #634213
    DeDo2003
    Member
    • Topics: 1
    • Replies: 1
    • ☆

    Purchase price of an item is $5. The estimated selling price is $7 & commission of $.50 per unit needs to be paid to sales representative.

    What will be the NRV for the item?

    Thanks in advance.

    September 4, 2021 at 10:57 am #634255
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51538
    • ☆☆☆☆☆

    Why are you attempting a question for which you do not have an answer? You should be using a Revision Kit from one of the ACCA Approved Publishers – they have answers!!

    The NRV is 7 – 0.5 = $6.50, and therefore any inventory will be values at $5.

    This is all explained in my free lectures on the valuation of inventory. The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.

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