Based on the following data for barker industries as of december 31, 2011, determine the value of the inventory at the lower of cost or market. Also, show how the merchandise would appear on the balance sheet(assume that the cost was determined by the fifo method)

commodity inventory quantity unit cost price unit market price

size 4 9 17 19

size 5 10 17 14

size 6 14 23 20

size 7 12 13 15