Use the Lower-Of-Cost-Or-Market Rule to Determine the Value of the Following

Short Answer

Use the lower-of-cost-or-market rule to determine the value of the following inventory for Bargains Galore, Inc.: $$\begin{array} { l l l l l l } \text { Item } & \text { Quantity } & \text { Cost } & \text { Market } & \text { Basis } & \text { Amount } \\\hline \text { raincoats } & 220 & \$ 36 & \$ 33 & & \\ \text { umbrellas } & 180 & 13 & 14 & & \\\text { windbreakers } & 428 & 35 & 33 & & \\\text { computer bag } & 278 & 56 & 50 & & \\\text { briefcase cover } & 318 & 22 & 17 & & \\\hline\end{array}$$