Using the Lower of Cost or Market, What Should the Total

question 21

Essay

Using the lower of cost or market, what should the total inventory value be for the following items:
$$\begin{array} { | l | l | l | l | l | c | } \hline \text { Item } & \text { Quantity } & \text { Unit cost price } & \text { Unit market price } & \text { Total cost price } & \begin{array} { l } \text { Total market } \\\text { price }\end{array} \\\hline \text { A } & 300 & \$ 15.00 & \$ 14.50 & \$ 4,500 & \$ 4,350 \\\hline \text { B } & 200 & \$ 14.00 & \$ 15.00 & \$ 2,800 & \$ 3,000 \\\hline \text { C } & 100 & \$ 17.00 & \$ 17.50 & \$ 1,700 & \$ 1,750 \\\hline\end{array}$$ Apply the lower-of-cost-or-market method to inventory as a whole.

---

Definitions:

Common Ancestry

The shared genetic heritage between two or more entities, indicating they originated from the same ancestor.

Natural Selection

The process by which organisms better adapted to their environment tend to survive and produce more offspring, a core concept of evolutionary theory.

Genetic Evolution

The changes in allele frequencies within a population over time, due to mechanisms such as natural selection and genetic drift.

Behavioral Evolution

The study of how behavior changes over time in response to environmental pressures, driven by the process of natural selection.