The Nexus 7 is still an amazing value at $249. But word around the block is that Google (GOOG) and ASUS (2357) are working on a $99 Nexus tablet. But now, per PhoneArena, it’s apparent that Acer (2353) is preparing to beat Google to the punch with a 7-inch Android 4.1 2Jelly Bean-powered tablet that will reportedly sell for $99. Naturally, a lower-priced tablet will come at the expense of less powerful specs. Acer’s Iconia B1 looks to have a Mediatek dual-core 1.2GHz processor, PowerVR SGX 531 GPU, 512MB of RAM, 8GB of storage, Bluetooth 4.0, GPS, microSD card and SIM card slot. For $99, its display also has a much lower resolution than the Nexus 7: 1024 x 600 pixels. The Iconia B1 has already cleared the Federal Communications Comission and will likely make an appearance at the Consumer Electronics Show in January.