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Determine the net realizable value for each item

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Problem - Blue Corporation uses the FIFO cost flow assumption. Presented below is information related to Blue's inventory:

 

Product 1

Product 2

Product 3

Cost

$50

$ 90

$75

Selling price

75

120

90

Costs of completion

15

30

20

Costs of disposal

4

2

5

Determine (a) the net realizable value for each item and (b) the inventory value of each item using the lower of cost or net realizable value rule.

Reference no: EM132883988

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