Using the lower of cost or market, what should the total inventory value be for the following items: Inventory Quantity Cost per Unit Market Value per Unit Total Cost Price Total Market Price Lower of Cost or Market Item 221 $10 $14 $2,210 $3,094 101 $18 $1,818 $1,616 $1,040 $23 $920 Complete the following data taken from the condensed income statements for merchandising Companies A, B, and C. Company A Company B Company C Net income $380 $ 225 Sales 890 530 Gross profit 450 345 Operating expenses 110 Cost of goods sold 580 325 The Boxwood Company sells blankets for $36 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 3 Purchase $16 10 Sale 17 Purchase 20 Sale 23 Sale 30 Purchase Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method. O a. 842 b. 555 C. $189 Od. 164