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A product has a historical cost of $30 and a replacement cost of $21. The product sells for $75 and selling (disposal) costs are $25

A product has a historical cost of $30 and a replacement cost of $21. The product sells for $75 and selling (disposal) costs are $25 while normal profits are $23.

A. What is the appropriate value for the product on the books using Lower of Cost or Market?

B. What is the appropriate value for the product on the books using Lower of Cost or Net Realizable Value?

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