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 220 $7 $11 $1,540 $2,420 $ B 101 $18 $15 $1,818 $1,515 $ C 62 $20 $23 $1,240 $1,426 $ $. Apply the lower-of-cost-or-market method to inventory as a whole.

Xyz corporation has provided the following data concerning manufacturing overhead for july: actual manufacturing overhead incurred $ 69,000 manufacturing overhead applied to work in process $ 79,000 the company's cost of goods sold was $243,000 prior to closing out its manufacturing overhead account. the company closes out its manufacturing overhead account to cost of goods sold. which of the following statements is true? multiple choice manufacturing overhead was overapplied by $10,000; cost of goods sold after closing out the manufacturing overhead account is $253,000 manufacturing overhead was underapplied by $10,000; cost of goods sold after closing out the manufacturing overhead account is $233,000 manufacturing overhead was underapplied by $10,000; cost of goods sold after closing out the manufacturing overhead account is $253,000 manufacturing overhead was overapplied by $10,000; cost of goods sold after closing out the manufacturing overhead account is $233,000