Please do not copy from Chegg. Only attempt if you are sure about the answer. Solve in a step by step manner, explaining each step.

(14) Farwell Company sells three different categories of tools (small, medium and large). The cost and market value of its inventory of tools are as follows. Cost Market Small $ 84,480 $ 80,520 Medium 382,800 343,200 Large 200,640 220,440 Determine the value of the company's inventory under the lower-of-cost-or-market approach. The total inventory value $