Use the lower-of-cost-or-market rule to determine the value of the following inventory for Bargain Bonanza, Inc. $$\begin{array} { l l l l l l }
\text { ITEM } & \text { QTY } & \text { COST } & \text { MKT } & \text { BASIS } & \text { AMOUNT } \
\hline \text { Mountain bikes } & 154 & \$ 598 & \$ 554 & & \
\text { Fax machines } & 133 & 163 & 212 & & \
\text { Dishwashers } & 457 & 508 & 772 & \
\text { TVs } & 491 & 196 & 252 & \
\text { VCRs } & 123 & 259 & 235 &
\end{array}$$ Total value in Inventory is:
A) $85,316
B) $232,156
C) $464,292
D) $92,092

Question

Use the lower-of-cost-or-market rule to determine the value of the following inventory for Bargain Bonanza, Inc. $$\begin{array} { l l l l l l } 
\text { ITEM } & \text { QTY } & \text { COST } & \text { MKT } & \text { BASIS } & \text { AMOUNT } \
\hline \text { Mountain bikes } & 154 & \$ 598 & \$ 554 & & \
\text { Fax machines } & 133 & 163 & 212 & & \
\text { Dishwashers } & 457 & 508 & 772 & \
\text { TVs } & 491 & 196 & 252 & \
\text { VCRs } & 123 & 259 & 235 &
\end{array}$$ Total value in Inventory is:
A) $85,316
B) $232,156
C) $464,292
D) $92,092

Quizplus · Accepted Answer

The Answer of Use the lower-of-cost-or-market rule to determine the value of the following inventory for Bargain Bonanza, Inc. $$\begin{array} { l l l l l l } 
\text { ITEM } & \text { QTY } & \text { COST } & \text { MKT } & \text { BASIS } & \text { AMOUNT } \
\hline \text { Mountain bikes } & 154 & \$ 598 & \$ 554 & & \
\text { Fax machines } & 133 & 163 & 212 & & \
\text { Dishwashers } & 457 & 508 & 772 & \
\text { TVs } & 491 & 196 & 252 & \
\text { VCRs } & 123 & 259 & 235 &
\end{array}$$ Total value in Inventory is:
A) $85,316
B) $232,156
C) $464,292
D) $92,092

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