Chapter 16.I, Problem 4TIE

To determine

To calculate: To calculate value of the following inventory for a Personnel Touch Gift Shop with the help of the lower-of-cost-or-market rule:

$\begin{array}{cccccc}& & & & & \\ \text{Description}& \text{Quantity}& \text{Cost}& \text{Market}& \begin{array}{l}\text{Valution}\\ \text{Basis}\end{array}& \text{Amount}\\ \text{Lump}& 75& \$9.50& \$9.20& \_\_\_\_\_& \_\_\_\_\_\\ \text{Jewelry Boxes}& 120& 26.30& 27.15& \_\_\_\_\_& \_\_\_\_\_\\ \text{16''Vases}& 88& 42.40& 39.70& \_\_\_\_\_& \_\_\_\_\_\\ \text{12''Vases}& 64& 23.65& 21.40& \_\_\_\_\_& \_\_\_\_\_\\ \text{Fruit Bowls}& 42& 36.90& 42.00& \_\_\_\_\_& \_\_\_\_\_\\ & & & & \text{Total Value of Inventory}& \_\_\_\_\_\end{array}$