A case is filed against the company A, LLC in California court for the leakage of personal information of 650,000 members to public. The company A claims that they have a “forum-selection clause” in their member agreement, putting the jurisdiction of all the disputes in Virginia, and a US Supreme Court precedent that “forum-selection clause” will be unenforceable if it is against the public policy. Also, the policies of the company A have been declared against public policy by Californian courts in other cases of the company A. To Explain: Application of stare decisis in California Court to determine the case.

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Fuller Animal Feeds has developed the following data for lower-of-cost- or-market valuation for its inventory products (in thousands): Cost Market Large Animals: Cattle $1,60,000 $1,76,000 Horse 3,50,000 3,20,000 Small Animals: Cat $2,20,000 $2,80,000 Dog 90,000 66,000 Exotic Pets: Ferret $ 1,12,000 $ 98,000 Iguana 48,000 38,500 Required: Determine the amount of inventory to appear in the balance sheet assuming LCM applied to: 1) Individual inventory items, 2) Each of the three major categories of inventory, and 3) Inventory as a whole.

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Chapter 1, Problem 4BCP

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Case Summary:A case is filed against the company A, LLC in California court for the leakage of personal information of 650,000 members to public. The company A claims that they have a “forum-selection clause” in their member agreement, putting the jurisdiction of all the disputes in Virginia, and a US Supreme Court precedent that “forum-selection clause” will be unenforceable if it is against the public policy. Also, the policies of the company A have been declared against public policy by Californian courts in other cases of the company A.

To Explain:Application of stare decisis in California Court to determine the case.

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Fuller Animal Feeds has developed the following data for lower-of-cost- or-market valuation for its inventory products (in thousands): Cost Market Large Animals: Cattle $1,60,000 $1,76,000 Horse 3,50,000 3,20,000 Small Animals: Cat $2,20,000 $2,80,000 Dog 90,000 66,000 Exotic Pets: Ferret $ 1,12,000 $ 98,000 Iguana 48,000 38,500 Required: Determine the amount of inventory to appear in the balance sheet assuming LCM applied to: 1) Individual inventory items, 2) Each of the three major categories of inventory, and 3) Inventory as a whole.

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