Emily's company has been selling coffee beans at wholesale for several years. They currently have a large inventory of coffee beans in their warehouse. During their annual inventory review, two items have come to their attention and Emily has been asked to provide input on how they should be considered from an accounting standpoint. She knows that for all beans it cost almost $1 per pound to package and ship, but the purchase and selling prices vary highly. . The first is their "mighty strong espresso" which is a bean used to make a really strong espresso (didn't see that coming, did you). They have 1,000 pounds of it with a current bookvalue of $4 a pound. This has been a great item as they have been able to sell it for $16 a pound to retailers. However, the market taste have changed and they have had to drop their selling price to $10 a pound. Second, they have "evening delight" which is a bean used to create a rich, but very low caffeine coffee (again, a surprise given the name). That is an expensive bean with a bookvalue cost of $9 per pound. They have 50 pounds on hand