Answered: inventory using the lower of cost or net realizable value (LCNRV) rule and the lower of cost or market (LCM) rule. 2. The specific eight-digit Codification… | bartleby

Answered: LCNRV of inventory Select one: a. Is always either the net realizable value or its cost. b. Should always be equal to net realizable value. c. May sometimes… | bartleby

Blue Corporation uses the FIFO cost flow assumption. Presented below is information related to Blue's inventory: Determine (a) the net realizable value for each item and (b) the inventory value of each item using the lower of cost or net realizable value rule.

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