Determine the Amount of the Inventory for Fred's Appliances Co $\begin{array}{llcc} \text {Fred's Appliances Co. } & \\ \text { Small Appliance Inventory } &\\\end{array}$

Essay

Determine the amount of the inventory for Fred's Appliances Co. using the lower-of-cost-or-market rule: $\begin{array}{llcc} \text {Fred's Appliances Co. } & \\ \text { Small Appliance Inventory } &\\\end{array}$

$\begin{array}{lllll}\text { Description } & \text { Quantity } & \text { Cost } & \text { Market } & \text { Valuation Basis Amount } \\\hline \text { Toasters } & 30 & \$ 22.15 & \$ 23.50 \\\text { Coffee Makers } & 22 & \$ 18.95 & \$ 19.25 \\\text { Blenders } & 15 & \$ 15.50 & \$ 13.95 \\\text { Can Openers } & 36 & \$ 8.95 & \$ 8.80 \\\text { Hand Mixers } & 18 & \$ 11.15 & \$ 11.50\end{array}$
Total value of inventory: ________