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Teahaven prepared the following schedule of unit costs and market prices for three items of merchandise inventory. Item Units Unit Cost Market Price per Unit
Teahaven prepared the following schedule of unit costs and market prices for three items of merchandise inventory. Item Units Unit Cost Market Price per Unit Black tea 2,000 $.25 $.28 Fruit Tea 2,000 .45 .30 Minted Tea 3,000 .30 .35 Applying the lower of cost or market price rule, the total value of the units would be reported as a. $2,360 b. $3,000 c. $2,000 d. $2,850
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