#4 Lower of Cost or Market

Weldon Animal Feeds has developed the following data to calculate LIFO lower of cost or market for its products. The individual products are listed individually among their categories of feed (in thousands):

	Selling		Cost to
	Price	Cost	Replace
Large animals:
Cattle	$320	$160	$170
Horse	400	400	325
Small animals:
Cat	$360	$320	$280
Dog	120	90	40
Exotic pets:
Ferret	$140	$112	$98
Iguana	70	48	21

The disposal costs are 20% of the selling price and the normal profit margin on all feed is 25% of the selling price.

Required: Determine the reported inventory value assuming the LIFO lower of cost or market rule is applied to categories of feed products.