Kelly Corp has leased a mine from which it recently extracted 1,000 kilograms of bauxite (a mineral that can be used to make aluminum).Kelly Corp plans to sell the bauxite to aluminum manufacturers.Kelly Corp is analyzing whether is bauxite inventory can be carried at its selling price per ASC 330-10-35-16(b).Assume that quoted market prices are generally available for bauxite, and that the market for bauxite is active.Have all necessary conditions been met for the accounting treatment proposed? For this particular memo, you are not required to present alternative treatments; assume for this issue that you have solely been asked to document whether the conditions in ASC 330-10-35-16(b) are met.