This data is for selected inventory items at Office Supply Company:

INSTRUCTIONS
Determine the amount to be reported as the inventory valuation at cost or market, whichever is lower, under each of these methods:

1. Lower of cost or market for each item separately.
2. Lower of total cost or total market.
3. Lower of total cost or total market by group.
Analyze:
Which valuation method will yield the highest net income?

Quantity Unit Cost Market Value Printer Cartridges Item 119 Item 120 Item 121 Fax Machines Item 210 Item 211 Item 212 70 80 110 S 36.00 29.75 33.00 S 36.50 26.50 28.50 25 20 19 96.00 02.00 235.00 9.00 196.00 220.00