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:
Petty Cash Account
A small amount of cash kept on hand for making immediate payments for miscellaneous small expenses.
Cash Over and Short
An accounting discrepancy representing a minor difference between the actual amount of cash on hand and the recorded amount.
Miscellaneous Expenses
Expenses that don't fit into any standard category of the business's budget, often small or irregular costs.
Invoice
A document issued by a seller to a buyer that itemizes a transaction and requests payment for goods or services provided.
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