Using the lower of cost or market, what should the total inventory value be for the following items: Item Inventory Quantity Cost per Unit Market Value per Unit Total Cost Price Total Market Price Lower of Cost or Market A 186 $6 $8 $1,116 $1,488 $fill in the blank 1 B 95 $18 $14 $1,710 $1,330 $fill in the blank 2 C 44 $22 $25 $968 $1,100 $fill in the blank 3             $fill in the blank 4

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.