Tracy Company sells three different types of home heating stoves (wood, gas, and pellet). The…
Tracy Company sells three different types of home heating stoves (wood, gas, and pellet). The cost and market value of its inventory of stoves are as follows.
| Cost | Market | |
| Gas | $ 84,000 | $ 79,000 |
| Wood | 250,000 | 280,000 |
| Pellet | 112,000 | 101,000 |
Determine the value of the company’s inventory under the lower-of-cost-or-market approach.
