LOWER OF COST OR MARKET. Sue Stone, the president of Tippecanoe Home Products, has prepared the following information for the firm’s television inventory at year-end 19x65:

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MODEL QUANTITY COST EXPECTED SELLING PRICE SALES COMMISSION T-260 11 $250 each $445 each $50 each S-256 24 325 490 55 R-193 18 210 230 40 Z-376 12 285 250 30 Sue notes that the 19x6 models that will replace these items will cost 4% more than the equivalent 19x5 models. The normal markup is 80% of cost. REQUIRED: Determine the carrying amount of the inventory of unsold televisions using the lower- of-cost-or-market procedure. (See footnote 5, page 289, in this chapter.)