A method and apparatus for lower of cost or market value monitoring includes a process for lower of cost or market value monitoring and notification whereby data representing the identification and purchase price of an inventory item is obtained and the market value of the inventory item is automatically monitored on a periodic basis. Data representing the purchase price of the inventory item is then periodically compared with data representing the market value of the inventory item and when the market value of the inventory item decreases below the purchase price of the inventory item a notification/alert is generated bringing the drop in market value of the inventory item below the price paid for the inventory item to the user's attention.