Determining Lower of Cost or Market Crane Company had the following inventory at December 31, 2017. Unit Price Quantity Cost Market Desks Model 9001 71 $190 $210 Model 9002 46 280 268 Model 9003 21 350 360 Cabinets Model 7001 121 60 64 Model 7002 81 95 88 Model 7003 51 130 126 a. Determine the ending inventory amount by applying the lower of cost or market rule to: 1. Each item of inventory. $Answer 53,982 2. Each major category of inventory. $Answer 55,018 3. Total inventory. $Answer 55,305

Which of the following statements is correct? stockholders should generally be happier than bondholders to have managers invest in risky projects with high potential returns as opposed to safe projects with lower expected returns. potential conflicts between stockholders and bondholders are increased if a firm's bonds are convertible into its common stock. takeovers are most likely to be attempted if the target firm’s stock price is above its intrinsic value. one advantage of operating a business as a corporation is that stockholders can deduct their pro rata share of the taxes the firm pays, thereby eliminating the double taxation investors would face in a partnership.