You are the senior staff accountant for a local stainless-steel tank company, Tanks4u. The tanks are sold internationally. Tanks4u 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). Tanks4u 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 fair value of the inventory Tanks4u is buying.

	% Sold by Region				Price by Region
Tank Type	North America	Europe	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 processor, and the document attached. The answers should be well organized.

1. Using the FASB codification (https://asc.fasb.org/) determine the fair value of the inventory being sold
   1. To use the link follow the directions below:
      1. Click "I am not a robot"
      2. Click "Access the Basic View"
      3. Agree to terms
      4. Once you agree it will bring you to a new screen. Use the column on the left side to navigate.
2. Cite the ASC sections that are relevant to the answer. EX: Assets->Inventory->Airlines->Recognition. All cited work must be in this format.