Barley Company Developed the Following Information About Its Inventories in Applying

question 93

Multiple Choice

Barley Company developed the following information about its inventories in applying the lower-of-cost-or-market (LCM) basis in valuing inventories: $\begin{array}{ccc} \text { Product } & \text { Cost } & \text { Market } \\\hline \text { A } & \$ 115,000 & \$ 120,000 \\ \text { B } & 80,000 & 73,000 \\ \text { C } & 158.000 &162,000 \\\end{array}$
If Barley applies the LCM basis the value of the inventory reported on the balance sheet would be

• A) $346000.
• B) $353000.
• C) $355000.
• D) $362000.

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Definitions:

Neo-Freudian

A term referring to psychologists who accepted the basic components of Freud's theory but modified and expanded upon it to include social and cultural aspects.

Carl Jung

A Swiss psychiatrist and psychoanalyst who founded analytical psychology, emphasizing the importance of the individual psyche and the personal quest for wholeness.

Alfred Adler

An Austrian medical doctor, psychotherapist, and founder of the school of individual psychology who introduced concepts such as the inferiority complex and stressed the importance of feelings of inferiority.

Collective Unconscious

A concept proposed by Carl Jung referring to the part of the unconscious mind which is derived from ancestral memory and experience and is common to all humankind.