Y's Inventory Records Reveal the Following Information: Item Cost Market

question 3

Multiple Choice

Y's inventory records reveal the following information: Item Cost Market $$\begin{array} { l r l l } \text { A } & \$ 3,100 & \$ 3,500 \\\text { B } & 5,100 & 3,000 \\\text { C } & 6,000 & 7,500 \\&{ \$ 14,200 } & \$ 14,000\end{array}$$ For financial accounting purposes, Y values its ending inventory using FIFO and the lower of cost or market methods.For tax purposes, the value of Y's ending inventory is

• A)$14,200
• B)$12,100
• C)$14,000
• D)Some other amount

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