Use the Lower-Of-Cost-Or-Market Rule to Determine the Value of the Following

question 104

Multiple Choice

Use the lower-of-cost-or-market rule to determine the value of the following inventory for Bargain Bonanza, Inc. $$\begin{array} { l l l l l l } \text { ITEM } & \text { QTY } & \text { COST } & \text { MKT } & \text { BASIS } & \text { AMOUNT } \\\hline \text { Mountain bikes } & 154 & \$ 598 & \$ 554 & & \\\text { Fax machines } & 133 & 163 & 212 & & \\\text { Dishwashers } & 457 & 508 & 772 & \\\text { TVs } & 491 & 196 & 252 & \\\text { VCRs } & 123 & 259 & 235 &\end{array}$$ Total value in Inventory is:

• A) $85,316
• B) $232,156
• C) $464,292
• D) $92,092

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Definitions:

Bad Practice

Actions or behaviors, especially in professional settings, that are considered incorrect, unethical, or detrimental to clients or the profession itself.

Medical Treatment

The management and care of a patient to combat disease or disorder, including the administration of medication, surgery, therapy, or other corrective measures.

Patient Self-Determination Act (PSDA)

A federal law ensuring that patients are informed of their rights to make advance healthcare directives.

Medicare

A federal program in the United States that provides health insurance to people over the age of 65, as well as to younger individuals with certain disabilities.