Homework Answers
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| Inventory | = | $ 38,500 | |
| Workings: | |||
| Inventory Item | Cost of Item | Market Value | Lower of Cost or Market |
| A | $ 4,650 | $ 5,500 | $ 4,650 |
| B | $ 7,200 | $ 6,550 | $ 6,550 |
| C | $ 6,100 | $ 6,100 | $ 6,100 |
| D | $ 4,100 | $ 5,000 | $ 4,100 |
| E | $ 8,050 | $ 9,400 | $ 8,050 |
| F | $ 9,400 | $ 9,050 | $ 9,050 |
| Total Inventory Value | $ 38,500 | ||
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