15 21 79 Inventory LCM. Given the following information for Galloway Company, assume they use LIFO so that LCM is subject to ceiling and floor constraints: Net Unit Quantity Cost Realizable Value Replacement Cost NRV Minus Normal Profit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 7.50 8.28 7.70 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Determine the "selected market value and the "lower of cost or market value for each inventory item for Galloway Company. Unit Selected Market Value LCM Value 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Determine the "selected market value and the lower of cost or market value for each inventory Item for Galloway Company Unit Selected Market Value LCM Value 1 2 3 4 5 6 Total