Use the lower-of-cost-or-market rule to determine the value of the following inventory for Bargain Bonanza, Inc.
ITEMQTY
COST
MKT
BASIS
AMOUNT
Mountain bikes154
$598
$554
Fax machines133
163
212
Dishwashers457
508
772
TVs491
196
252
VCRs123
259
235
Total value in Inventory is:
A. $85,316
B. $232,156
C. $464,292
D. $92,092
Answer: C
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