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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

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.

Item Inventory Quantity Unit Cost Price Unit Market Price Total Cost Total Market Total Lower of Cost or Market
Gear X 100 $33 $29 $ $ $
Gear Y 75 27 28
Total $ $ $

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