Chapter 16.I, Problem 8RE

Determine the value of the following inventory for Nichols Hardware by using the lower-of-cost-or-market rule.

True Value Hardware Power Tool Inventor)

Description	Quantity	Unit Price Cost Market		ValuationBasis Amount
10-piece drill hit set	14	$25.60	$26.20
$\frac{1}{2}"$ Drill	19	42.33	39.17
7“ Circular Saw	12	32.29	34.50
$\frac{3}{8}"$ Router	8	55.30	54.22
5" Rotary Sander	15	27.60	27.10
9" Belt Sander	11	32.50	34.51
			Total Value of Inventory