Cody Company sells three different categories of tools (small, medium, and large). The cost and net realizable value of its inventory of tools are as follows.

Determine the value of the company’s inventory under the lower-of-cost-or-net realizable value approach.

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Net Realizable Value $ 73,000 260,000 Cost $ 64,000 290,000 Small Medium Large 152,000 171,000