Using the lower of cost or market,what should the total inventory value be for the following items:
Definitions:
Private Consumption
Spending by households and individuals on goods and services for personal use, excluding purchases by businesses or governments.
Pareto Optimal
A situation in which it is impossible to make any one individual better off without making at least one individual worse off.
Public Goods
Goods that are non-excludable and non-rivalrous, meaning that individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others.
Private Consumption
The total spending by households and individuals on goods and services for personal use, excluding government spending.
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