Mini-Case #1 Johanson Co. purchased inventory for $100. At the end of the fiscal period, the invento

Mini-Case #1 Johanson Co. purchased inventory for $100. At the end of the fiscal period, the inventory is unsold. Because of a reduction in demand, Johanson expects to sell the inventory for $90. The normal profit margin is $10. If Johanson were to replace the inventory, they would have to pay $77. How much is “market value” as required und the “lower of cost or market” standard? Justify your answer using the ASC and case facts. Follow the requirements in the “Arguments Guidance” and “Case Guidance” files.