Business, 25.11.2021 06:40, afoakwacosmos
Stiles Corporation uses the LIFO cost flow assumption and is in the process of applying the LCM 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 $96
Replacement cost 70 98
Estimated cost of disposal 32 30
Estimated selling price 150 120
Required:
What is the correct inventory value for each product?
Answers: 2
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Stiles Corporation uses the LIFO cost flow assumption and is in the process of applying the LCM rule...
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