Based on the data in Exercise 7-15 and assuming that cost was determined by the FIFO method and lower of cost or market was determined on an individual item-by-item basis, show how the merchandise inventory would appear on the balance sheet.

Exercise 7-15

Inventory Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Birch 120 $150 $140 Cypress 90 120 130 Mountain Ash 200 110 100 Spruce Willow 160 90 100 70 130 120