Inventory Write-Down Stiles Corporation uses the FIFO cost flow assumption and is in the process of...

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Inventory Write-Down Stiles Corporation uses the FIFO cost flow assumption and is in the process of applying the LCNRV rule f

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Answer 1

Answer #1

Product A	$ 80
Product B	$ 90

Workings:
	NRV (Selling Price - Disposable price)	Cost	Lower of
	(i)	(ii)	(i) or (ii)
Product A	$ 119	$ 80	$ 80
Product B	$ 90	$ 95	$ 90

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Answer 2

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