misty, inc. had 22,000 units of ending inventory that were recorded at the cost of $ 6.00 per unit using the fifo method. the current replacement cost is $ 4.25 per unit. what amounts would be reported as ending merchandise inventory on the balance sheet using the lower-of-cost-or-market rule?

Peppy knows a lot about marketing, but not much about the legal or financial aspects of starting a new business. he wants to consult with a lawyer and accountant, but his budget is tight with all of the expenses involved in getting peppy's pizzazzeria up and running. peppy should: trust his basic instincts and try to put it together without the advice of lawyers and accountants. delay talking with a lawyer and accountant until the business has established a positive cash flow for at least one year. immediately hire full-time lawyers and accountants for his staff. consult with a lawyer and accountant even though the budget is tight.