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

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.

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Product 1 Product 2 Product 3 $ 90 $50 $75 Cost Selling price Costs of completion Costs of disposal 75 120 90 15 30 20