The Vogelson Company accumulates the following cost and net realizable valve data at December 31. 
What is the lower-of-cost-or-net realizable value of the inventory?
Definitions:
Variable Overhead Cost
Those expenses of operating a business that vary with the level of output or production activity, such as utilities for manufacturing equipment.
Maintenance Costs
Expenses incurred in the upkeep of machinery, buildings, and equipment to ensure efficient operation and prevent breakdowns.
Machine-Hours
A measurement unit representing the amount of work a machine can perform in one hour, often used in manufacturing to allocate costs based on machine usage.
Variable Manufacturing Overhead
Variable manufacturing overhead consists of costs that vary with the level of production, such as indirect materials and utilities that increase with more production.
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