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

question 10

Multiple Choice

Use the lower-of-cost-or-market rule to determine the value of the following inventory for Instant Key's. $$\begin{array} { l l l l l l } \text { ITEM } & \text { QTY } & \text { COST } & \text { MKT } & \text { BASIS } & \text { AMOUNT } \\\hline \text { Door Keys } & 154 & \$ 554 & \$ 598 & & \\\text { Car Keys } & 133 & 164 & 210 & \\\text { Bike Keys } & 257 & 510 & 620 & \\\text { Safe Keys } & 491 & 279 & 240 &\end{array}$$ Total value in Inventory is:

• A) $85,316
• B) $232,156
• C) $431,595
• D) $356,038