Let the cost of a shirt be \( S \) and the cost of a sweater be \( W \). We can set up the following equations based on the information given:
- \( 3S + 2W = 114 \) (from buying 3 shirts and 2 sweaters)
- \( 2S + 4W = 164 \) (from buying 2 shirts and 4 sweaters)
We can simplify the second equation. Dividing everything by 2 gives us:
\[ S + 2W = 82 \]
Now we have the system of equations:
- \( 3S + 2W = 114 \)
- \( S + 2W = 82 \)
Next, we can eliminate \( W \) by subtracting the second equation from the first:
\[ (3S + 2W) - (S + 2W) = 114 - 82 \]
This simplifies to:
\[ 2S = 32 \] \[ S = 16 \]
Now that we have the price of a shirt \( S \), we can substitute \( S \) back into the second equation to find \( W \):
\[ 16 + 2W = 82 \] \[ 2W = 82 - 16 \] \[ 2W = 66 \] \[ W = 33 \]
Thus, the cost of a shirt is \( 16 \) and the cost of a sweater is \( 33 \).
The item with the lowest value is the shirt, which costs \( \boxed{16} \).