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 approach.