12. In 2005 Flipphones Inc, a manufacturer of flip phones, invested heavily in parts and materials anticipating accelerated future demand for its flip phones. However, at the end of 2007 after a rival phone manufacturer released a successful new brand of smart phone, Flipphone Inc determined that the market value of its inventory had fallen below the historical cost of its inventory. Flipphones plans to report the difference between the history cost basis and the market-basis and carry the inventory at the lower market amount on the balance sheet. Considering Flipphones uses LIFO, how could Flipphone determine the market value of its inventory?

Group of answer choices

A. Current Replacement Cost, not less than the net realizable value less a normal profit margin and not more than net realizable value.

B. Current Replacement Cost, not less than net realizable value and not more than the net realizable value less a normal profit margin.

C. Net Realizable Value

D. Net Realizable Value less a normal profit margin

19. Popcorn Corp. sells Party Company software to be used in conjunction with Partys production system. Popcorn also installs the software. The software is usable without Popcorn installing the product. The software and the installation are an example of ________.

Group of answer choices

a) a single performance obligation

b) three performance obligations

c) no performance obligations

d) two performance obligations