Jenks Company Developed the Following Information About Its Inventories in Applying

question 1

Multiple Choice

Jenks Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories: $\begin{array}{lrr}\text { Product } & \text { Cost } & \text { Market } \\\mathrm{A} & \$ 114,000 & \$ 120,000 \\\mathrm{~B} & 80,000 & 76,000 \\\mathrm{C} & 160,000 & 162,000\end{array}$ If Jenks applies the LCM basis, the value of the inventory reported on the balance sheet would be

• A)$354,000.
• B)$358,000.
• C)$350,000.
• D)$362,000.

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Definitions:

Effective Leadership

Leadership that successfully achieves desired outcomes by motivating, influencing, and guiding others towards set goals.

Leader Member Exchange Theory

A theory suggesting that leaders develop unique one-to-one relationships with each of the people reporting to them, potentially leading to variability in treatment among followers.

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A style of leadership where the leader works with teams to identify needed change, creating a vision to guide the change through inspiration.