A Small-Appliance Merchant Shows an Inventory of 150 Waffle Irons

question 36

Short Answer

A small-appliance merchant shows an inventory of 150 waffle irons at a cost of $37.80 and a market value of $37.40. Compute the inventory value at the lower of cost or market.​

---

Definitions:

Compounded

The process of calculating interest on both the initial principal and the accumulated interest from previous periods.

Principal

The original amount of money on which interest is calculated.

Composition

The act of combining two functions by applying one function to the result of another.

Function

A mathematical relation in which each element of a set of inputs is associated with exactly one element of a set of outputs.