3. General Formulas (Includes NRV, LCM, Gross profit)

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Last updated 8:05 PM on 9/6/26
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7 Terms

1
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Net realizable value (NRV)

Estimated selling price - estimated selling costs

2
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NRV - NPM (floor)

NRV - Normal Profit Margin

3
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Market

The middle number out of the replacement cost, NRV (ceiling), and NRV - Normal profit margin

4
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Gross profit

Net sales - cost of goods sold

5
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Cost of goods sold

Beginning inventory + Net purchases - Ending inventory

6
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Net income

Revenues - Cost of goods sold - Other expenses

7
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Ending retained earnings

Beginning retained earnings + net income - dividends