On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item. Show your work. 
Definitions:
Tax Revenues
Tax revenues refer to the income that is collected by the government from individuals and businesses, primarily through taxes such as income tax, sales tax, and property tax.
Government Spending
Government spending encompasses all the expenditures of government agencies and departments, including investments, consumption, and transfers, aimed at achieving economic and social objectives.
Cyclically Balanced Budget
A budget philosophy calling for budget deficits during recessions to be financed by budget surpluses during expansions.
Business Cycle
The variation in economic performance experienced by an economy over time, characterized by periods of growth and decline.
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