LOWER OF COST OR MARKET Sue Stone, the president of Tippecanoe Home Products has prepared the following information for the company’s television inventory at the end of 2009:

Model Quantity Cost per Unit Market Value per Unit T-260 11 $250 $445 S-256 24 325 300 R-193 18 210 230 Z-376 12 285 250 Required:

Determine the carrying amount of the inventory using lower of cost or market applied on an item-by-item basis.