90.2K
Verified Solution
Link Copied!
Lower of Cost or Net Realizable Value
Blue Corporation uses the FIFO cost flow assumption. Presented below is information related to Blues 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
a. Determine the net realizable value for each item.
Product 1 Product 2 Product 3
NRV $_____ $_____ $_____
b. Determine the inventory value
Answer & Explanation
Solved by verified expert
