Oriole company sells three different categories of tools (small, medium and large). the cost and market value of its inventory of tools are as follows. cost marketsmall $ 68,650 $ 56,490 medium 283,710 237,140 large 146,510 177,300 determine the value of the company’s inventory under the lower-of-cost-or-market approach.

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.