G Ltd. has two items in its inventory at the end of the taxation year. Item 1

Question:

G Ltd. has two items in its inventory at the end of the taxation year. Item 1 has a cost of $16,000 and a market value of $22,000. Item 2 have a cost of $17,000 and a market value of $15,000. Determine the minimum inventory valuation that G can use when determining net income for tax purposes