A firm utilizes a periodic inventory cost system with a Last-In, First-Out (LIFO) cost flow assumption. What does the firm report as the lower of cost or market for the following two items?

	Item A	Item B
Costs to have inventory ready for sale	$4	$0
Current Cost to Replace	$50	$55
Estimated Selling Price	$62	$70
Estimated Normal Profit Margin	$12	$12
Cost per the accounting record	$60	$60

Group of answer choices

Item A: $46, Item B: $55

Item A: $46, Item B: $58

Item A: $46, Item B: $60

Item A: $50, Item B: $55

Item A: $50, Item B: $58