Find the value of the following inventory for TV City Inc. using the lower-of-cost-or-market rule. $$\begin{array} { l l l l l l }
\text { Item } & \text { Quantity } & \text { Cost } & \text { Market } & \text { Basis } & \text { Amount } \
\text { Portables } & 202 & \$ 2,611 & \$ 2,684 & & \
\text { Combo HD Players } & 203 & 1,784 & 1,682 & \
\text { Projection } & 318 & 1,356 & 1,212 & \
\text { High-definition } & 216 & 1,339 & 1,157 & \
\text { Plasma } & 360 & 1,416 & 936 & \
\hline
\end{array}$$

Question

Find the value of the following inventory for TV City Inc. using the lower-of-cost-or-market rule. $$\begin{array} { l l l l l l } 
\text { Item } & \text { Quantity } & \text { Cost } & \text { Market } & \text { Basis } & \text { Amount } \
\text { Portables } & 202 & \$ 2,611 & \$ 2,684 & & \
\text { Combo HD Players } & 203 & 1,784 & 1,682 & \
\text { Projection } & 318 & 1,356 & 1,212 & \
\text { High-definition } & 216 & 1,339 & 1,157 & \
\text { Plasma } & 360 & 1,416 & 936 & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The lower-of-cost-or-market rule requires valuing inventory at the lower of its historical cost or current market value. Calculating for each item: Portables (cost), Combo HD Players (market), Projection (market), High-definition (market), Plasma (market). Total: $1,841,156.

Find the Value of the Following Inventory for TV City