Determine the value of the company’s inventory under the lower-of-cost-ormarket approach.

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(a) 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

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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 approach.

 

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