The following inventory information was taken from the records of Kleinfeld Inc. on December 31, 2020 Historical cost $12,000 Replacement cost $7,000 Expected selling Price $9,000 Expected selling cost $500 Normal profit margin 50% of price Assume that in February 2021, the expected selling price increases to $13,000 (all the rest of the facts are the same). What adjustment to inventory should be made under US GAAP in the preparation of the March 31, 2021 financial statements

What is the difference between total utility and marginal utility? a. marginal utility is subject to the law of diminishing marginal utility while total utility is not. b. total utility represents the consumer optimum while marginal utility gives the total utility per dollar spent on the last unit. c. total utility is the total amount of satisfaction derived from consuming a certain amount of a good while marginal utility is the additional satisfaction gained from consuming an additional unit of the good. d. marginal utility represents the consumer optimum while total utility gives the total utility per dollar spent on the last unit.