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:
Cumulative Earnings
The total amount of net income a company has earned over time since its inception, excluding any dividends paid to shareholders.
Social Security Tax
A tax that finances the Social Security program, collected from both employers and employees, to fund retirement, disability, and survivorship benefits.
Federal Income Tax
The tax levied by the U.S. federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.
State Unemployment Tax
A tax that employers are required to pay to their state government to fund unemployment benefits for workers who have lost their jobs.
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