Question: eBook Question Content Area Inventory Write - Down Stiles Corporation uses the FIFO cost flow assumption and is in the process of applying the LCNRV

eBook
Question Content Area
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 7198
Estimated cost of disposal 3129
Estimated selling price 150120

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