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The normal selling price for a bike sold by Cyclo Co. is $28 per unit. But, due to market competition, the selling price hos decreased

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The normal selling price for a bike sold by Cyclo Co. is $28 per unit. But, due to market competition, the selling price hos decreased to 523 per unit, Net realizable value has dropped to $21 per unit. Cycle Cos current FIFO inventory consists of 120 units purchased at $24 per unit. What is the value of the Inventory of bike at the lower of cost or market? Multiple Choice $2,880 $2.520 $2,750 $2,620 $2,470

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