Below is the data for Sanford Industries as of December 31st. Commodity Inventory Quantity Cost per Unit Market Value per Unit Size 4 9 $17 $19 Size 5 10 17 14 Size 6 14 20 22 Size 7 12 13 15 Use the data above to determine the value of the inventory at the lower of cost or market. Also, show how the inventory would appear on the balance sheet (assume that the cost was determined by the FIFO method). Apply lower of cost or market to each inventory item. Sanford Industries Balance Sheet December 31 Assets Current assets: Inventory at lower of cost (first-in, first-out) or market