Joe Crede Corporation Sells Its Product, a Rare Metal, in a Controlled

question 44

Multiple Choice

Joe Crede Corporation sells its product, a rare metal, in a controlled market with a quoted price applicable to all quantities.The total cost of 5,000 pounds of the metal now held in inventory is $250,000.The total selling price is $600,000, and estimated costs of disposal are $10,000.At what amount should the inventory of 5,000 pounds be reported in the balance sheet?

• A)$240,000.
• B)$250,000.
• C)$590,000.
• D)$600,000.

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