Raleigh Co A) $2,04050

question 135

Multiple Choice

Raleigh Co.has the following products in its ending inventory.Compute the lower of cost or market total for inventory applied separately to each product.
$$\begin{array} { | l | l | l | l | } \hline \text { Product } & \text { Quantity } & \text { Cost per unit } & \text { Market per unit } \\\hline \text { Jelly } & 150 & \$ 2.00 & 2.15 \\\hline \text { Jam } & 370 & \$ 2.65 & 2.50 \\\hline \text { Marmalade } & 260 & \$ 3.10 & 3.05 \\\hline\end{array}$$

• A) $2,040.50.
• B) $2,086.50.
• C) $2,018.00.
• D) $2,109.00.
• E) $2,053.50.

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Definitions:

Joint And Several

A legal term referring to the liability shared by two or more parties, where each party is individually responsible for the entire obligation, as well as collectively with the others.

Corporate Veil

A legal concept that separates the personal liability of shareholders and officers from that of the corporation itself.

Artificial Legal Person

A non-human entity that is given legal rights and responsibilities, such as a corporation or a government body.

Bylaws

The internal rules of management adopted by a corporation at its first organizational meeting.