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Using the lower of cost or market, what should the total inventory value be for the following items: Item Quantity Unit Cost Price Unit Market
Using the lower of cost or market, what should the total inventory value be for the following items:
| Item | Quantity | Unit Cost Price | Unit Market Price | Total Cost Price | Total Market Price |
| A | 300 | $15.00 | $14.50 | $4,500 | $4,350 |
| B | 200 | $14.00 | $15.00 | $2,800 | $3,000 |
| C | 100 | $17.00 | $17.50 | $1,700 | $1,750 |
Apply the lower-of-cost-or-market method to inventory as a whole.
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Current Issues In Auditing
Authors: Michael J Sherer, W Stuart Turley
3rd Edition
1853963658, 978-1853963650
