G Hagger Sounds has accumulated the following cost and market data on March 31: Cost Data Market Data iPods $24,000 $20,400 Cell phones 18,000 19,000 DVDs 28,000 25,600 Using the lower-of-cost-or-market, how much is the value of the ending inventory?

$64,000

Explanation:

The accounting standards guiding the accounting for inventory requires that inventory is first recognized at cost which includes the cost of the item and other associated cost (such as freight) necessary for getting the item to the location of sale/storage.

Subsequently, inventory is to be carried at the lower of cost or net realizable value or market value. Where the cost is higher than the net realizable value or market value,

Given;

                        Cost Data              Market Data           Inventory amount

iPods                 $24,000                   $20,400               $20,400

Cell phones      $18,000                    $19,000                $18,000

DVDs                $28,000                   $25,600                $25,600

Total                                                                                 $64,000

its kinda hard to answer this when we dont have all the information that we need.

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.