In applying the lower of cost or net realizable value rule, the inventory of apparel would be valued at: A) $108,000. B) $90,000. . C) $110,000. D) $99,000

b

Explanation:

NRV=$120,000 – ($120,000 x 10%) = $108,000$90,000cost is less than net realizable value of $108,000 cost

Federal Reserve

Explanation:

Federal Reserve System is the financial institution and the central bank of the U.S. The institution provides financial aid to the country. It helps in regulating and maintaining the financial and banking service of the country. All the requirements and responsibilities of the Federal Reserve are laid on the Board of Governors. They help in setting the rate of the discount and rate of interest on the loans.

In the given excerpt, Larry is the part of the Board of Governors in the Federal Reserve System.