John gave his son Joe some land that had been in the family for years. The FMV at the time of the transfer, was $200,000. John inherited the land from his Father years before when the FMV was $120,000. What is Joe's basis in the land and if he immediately sells the land is it considered a long-term or a short-term holding

Brody corp. uses a process costing system in which direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. beginning inventory for january consisted of 1,050 units that were 65% completed. 10,900 units were started into the process during january. on january 31, the inventory consisted of 500 units that were 50% completed. what would be the equivalent units for direct materials cost using the weighted average method?