a$.$ Determine the lower of cost or market value for each inventory item for Gator Company.

Item Lower of

Cost or Market Value

$1$ $fill in the blank $1$

$2$ fill in the blank $2$

$3$ fill in the blank $3$

$4$ fill in the blank $4$

$5$ fill in the blank $5$

$6$ fill in the blank $6$

b$.$ Determine the lower of cost or market value for Gator Company's inventory if the lower of cost or market rule is applied to the total inventory.

Inventory at lower of cost or market: $fill in the blank $7$