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pls solve and explain Inventory Write-Down Stiles Corporation uses the FIFO cost flow assumption and is in the process of applying the LCNRV rule for
pls solve and explain
Inventory Write-Down
Stiles Corporation uses the FIFO cost flow assumption and is in the process of applying the LCNRV rule for each of two products in its ending inventory. A profit margin of 30% on the selling price is considered normal for each product. Specific data for each product are as follows:
Product A Product B Historical cost $80 $95 Replacement cost 70 99 Estimated cost of disposal 31 26 Estimated selling price 150 120
Required:What is the correct inventory value for each product?
Product A $fill in the blank 1 per unit Product B $fill in the blank 2 per unit
pls solve and explain
Inventory Write-Down
Stiles Corporation uses the FIFO cost flow assumption and is in the process of applying the LCNRV rule for each of two products in its ending inventory. A profit margin of 30% on the selling price is considered normal for each product. Specific data for each product are as follows:
| Product A | Product B | |
|---|---|---|
| Historical cost | $80 | $95 |
| Replacement cost | 70 | 99 |
| Estimated cost of disposal | 31 | 26 |
| Estimated selling price | 150 | 120 |
What is the correct inventory value for each product?
| Product A | $fill in the blank 1 per unit |
| Product B | $fill in the blank 2 per unit |
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