Berry Plastics Company, Inc. is a publicly traded company. The materials control specialist, Jim Counter, reports that total inventory on hand is $25 million consisting of $7 million in raw materials, $5 million in work in-process and $13 million in finished goods. He is always busy at the end of every quarter and is looking at ways to save some time. Jim asks you, an accounting manager at Berry if he can simply report total inventory rather than taking the time to calculate the three areas. A memo to Jim explaining the inventory disclosure requirements. The memo should follow the FIRAC format: 1. Facts 2. Issues 3. Research 4. Analysis 5. Conclusion Provide section headings exactly as noted above. Accountants tend to go to jail when they get creative! Research must include appropriate citations from the FASB Accounting Standards Codification.