You are the senior staff accountant for a local stainless-steel tank company, Tanks4You. The tanks are sold internationally. Tanks4You company sells three different sizes of dairy tanks 1,000-liter, 5,000-liter, and 10,000-liter tanks. These three tank sizes have different popularity based on the region they are sold (figure 1). Tanks4You is currently buying all of the dairy tank inventory of a failing business (figure 2). The dairy tank market is active for each region, and each region has a different average price in the market (figure 3). The controller has tasked you with determining the fairvalue of the inventory Tanks4You is buying. Price by Region Percent Sold by Region North Tank Type Europe America South America Number Bought North America Europe South America 1,000 Liter 10% 20% 70% 30 $ 2,000 $ 2,300 $ 1,900 5,000 Liter 40% 55% 5% 25 $ 4,000 $ 4,300 $ 4,500 10,000 Liter 80% 10% 10% 5 $10,000 $ 9,800 $11,500 Requirements: All answers should be typed in a word processer, and the document attached. The answers should be well organized. 1. Using the FASB codification inventory being sold. determine the fair value of the 2. Cite the ASC sections that are relevant to the answer.