The Entertainment Center accumulates the following cost and market data at December 31. 
What is the lower-of-cost-or-market value of the inventory?
Definitions:
Indirect Method
A way of preparing the cash flow statement where net income is adjusted for non-cash transactions, deferred amounts, and changes in working capital.
Investing Activities
Financial transactions related to the acquisition or sale of long-term assets and investments.
Accounts Payable Balance
The total amount a company owes to its suppliers or creditors for goods or services received but not yet paid for.
Operating Activities
Transactions and other events that are not investing or financing activities which affect the operational inflows and outflows of cash.
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