Using the Lower-Of-Cost-Or-Market Method of Inventory Valuation, What Should the Total

Essay

Using the lower-of-cost-or-market method of inventory valuation, what should the total inventory value be for the following items: $$\begin{array} { | c | r | l | l | l | l | } \hline \text { Item } & \begin{array} { l } \text { Inventory } \\\text { Quantity }\end{array} & \begin{array} { l } \text { Unit cost } \\\text { price }\end{array} & \begin{array} { l } \text { Unit market } \\\text { price }\end{array} & \begin{array} { l } \text { Total cost } \\\text { price }\end{array} & \begin{array} { l } \text { Total market } \\\text { price }\end{array} \\\hline \text { A } & 200 & \$ 5 & \$ 4.50 & \$ 1,000 & \$ 900 \\\hline \mathrm { B } & 100 & 4 & 5.00 & 400 & 500 \\\hline \mathrm { C } & 50 & 7 & 6.50 & 350 & 325 \\\hline\end{array}$$