Question: Please answer question #7, SHOWING ALL WORK ACCORDINGLY. Thank you! Concord Corporation sells coffee beans, which are sensitive to price fluctuations. The following inventory information

Please answer question #7, SHOWING ALL WORK ACCORDINGLY. Thank you!

Concord Corporation sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2022 Coffee Bean Units Unit Cost Net Realizable Value Coffee arabica 12.000 bags $5.90 $5.87 Coffee robusta 5,000 bags 3.40 3.50 Calculate Concord's inventory by applying the lower-of-cost-or-net realizable value basis Concord's inventory S

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