The Garrett Corporation uses the lower-of-cost-or-market method to value inventory. Data regarding the items in work-in-process inventory are presented below. Markers Pens Highlighters Historical cost ................ $24,000 $18,880 $30,000 Selling price .................. 36,000 36,000 36,000 Estimated cost to complete ..... 4,800 4,800 6,800 Replacement cost ............... 20,800 16,800 31,800 Normal profit margin as a percentage of selling price .... 25% 25% 10% The value for cost to be used in the lower-of-cost-or-market comparison for the markers is a. $20,800. b. $23,400. c. $24,000. d. $31,200