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Question
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item.
Item | Inventory Quantity | Cost per Unit | Market value per Unit | Total Cost | Total Market |
| A | 300 | $15.00 | $14.50 | $4,500 | $4,350 |
| B | 200 | 14.00 | 15.00 | 2,800 | 3,000 |
| C | 100 | 17.00 | 17.50 | 1,700 | 1,750 |
Answer
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