Konan, Inc. needs to determine its inventory value. The following information pertains to the individual products in ending inventory: Product Cost Replacement Cost Selling Price Cost of Completion Normal Profit L-19 $40 $38 $50 $2 $11 M-23 52 40 60 10 8 N-05 20 24 30 2 6    Assuming Konan uses the FIFO method for costing its inventory, the net realizable value for product L-19 is: Multiple Choice $37. $38. $48. $50 Assuming Konan uses the LIFO method for costing its inventory, the maximum limit for market value of product L-19 is: Multiple Choice $37. $38. $48. $50.

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.