Lower-of-cost-or-market method OBJ. 6 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, as shown in Exhibit 10.

Item Inventory Quantity Cost per Unit Market Value per Unit

(Net Realizable Value)

Raven 10 1,200 $115 $112 Dove 23 6,500 17 22