Memphis Wholesale Market Applies the Lower of Cost or Net

Essay

Memphis Wholesale Market applies the lower of cost or net realizable valuation to individual products and has collected the following data:
$\begin{array}{lccc}&\text { Product A }&\text { Product B }&\text { Product C }\\\text { Selling price } & \$ 100 & \$ 125 & \$ 80 \\\text { Cost } & 70 & 75 & 80 \\\text { Costs to sell } & 15 & 20 & 8\end{array}$

-Determine the inventory carrying value for Products A, B, and C assuming that Memphis Wholesale Market prepares its financial statements according to International Financial Reporting Standards (IFRS).