Lower of Cost or Net Realizable Value Blue Corporation uses the FIFO cost flow assumption. Presented below is information related to Blue’s inventory: Product 1 Product 2 Product 3 Cost $50 $90 $75 Selling price 75 120 90 Costs of completion 15 30 20 Costs of disposal 4 2 5 a. Determine the net realizable value for each item. Product 1 Product 2 Product 3 NRV $ $ $ b. Determine the inventory value of each item using the lower of cost or net realizable value rule. Product 1 Product 2 Product 3 Carrying Value $ $ $