A Partial Inventory of Furniture Mart Is Shown in the Table

question 36

Multiple Choice

A partial inventory of Furniture Mart is shown in the table below. Use the lower-of-cost-or-market rule to calculate the value of the inventory $$\begin{array} { l l l l l l } \text { Item } & \text { Quantity } & \text { Cost } & \text { Market } & \text { Basis } & \text { Amount } \\\text { Sofas } & 396 & \$ 1,150 & \$ 1,092 & & \\\text { Beds } & 173 & 7,140 & 5,712 & & \\\text { End tables } & 441 & 5,264 & 6,496 & \\\text { China cabinets } & 497 & 4,797 & 4,290 & & \\\text { Dining sets } & 315 & 2,604 & 2,520 & \\\hline\end{array}$$

• A) $7,512,681
• B) $6,667,962
• C) $5,387,897
• D) $5,999,332

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