Determine the value of the company’s inventory under the lower-of-cost-ormarket approach.
Tracy Company sells three different types of home heating stoves (wood, gas, and pellet). The cost and market value of its inventory of stoves are as follows.
Cost Market
Gas $ 84,000 $ 79,000
Wood 250,000 280,000
Pellet 112,000 101,000
Determine the value of the company’s inventory under the lower-of-cost-ormarket
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