0.00 points Jones Company is preparing the annual financial statements dated December 31 of the current year Ending inventory information about the five major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR Quantity Unit Cost When AcquiredValue (Market) Net Realizable (FIFO) S 16 31 49 26 at Year-End $ 13 41 53 31 on Hand 51 81 71 351 Required Compute the valuation that should be used for the current year ending inventory using the LCM rule applied on an item-by-item basis. Total LCM Item Quantity Total Cost Market Valuation Al 51 BI 81 c 11 DI 71 E 351 References Book & Resources Worksheet ifficulity 3 Hard Learning Objective: 07-04 Report nventory at the lower of cost or market