(a) Moberg Company sells three different categories of tools (small, medium, and large). The cost and market value of its inventory of tools are as follows.

Determine the value of the company's inventory under the lower-of-cost-or-market approach.
(b) Early in 2017, Chien Company switched to a just-in-time inventory system. Its sales revenue, cost of goods sold, and inventory amounts for 2016 and 2017 are shown below.

Determine the inventory turnover and days in inventory for 2016 and 2017. Discuss the changes in the amount of inventory, the inventory turnover and days in inventory, and the amount of sales revenue across the two years.

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Market 64,000 73,000 0,000 260,000 Cost Small Medium Large 152,000 171,000 2017 Sales revenue Cost of goods sold Beginning inventory Ending inventory 2016 $3,120,000 ,200,000 $3,713,000 1,425,000 220,000 100,000 180,000 220,000