On the Basis of the Following Data, Determine the Value

Essay

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. $\begin{array}{|l|c|c|c|}\hline {\text { Item }} & \text { Inventory Quantity } & \text { Unit Cost Price } & \text { Unit Market Price } \\\hline \text { Gear } \mathrm{X} & 175 & \$ 33 & \$ 29 \\\hline \text { Gear Y } & 225 & 27 & 28 \\\hline\end{array}$