Bramble Style, a division of Sanibet Inc, manuf actures three models of boat seat components that are sold to speed boat manufacturers, retailers, and catalog outlets. Since beginning operations in 1983 . Bramble has used normal absorption cost ing and has assumed a first-in, first-out cost flow in its perpetuat inventory system. The balances of the inventory accounts at the end of Bramble's fiscal year, April 30, 2025, are shown below. The inventories are stated at cost before any year-end adjustments. The following information relates to Bramble's inventory and operations: 1. The finished goods inventory consists of the items analyred below. 2. Three-quarters of the seat cushion finished goods inventary is held by catalog outlets on consignment. 3. One-half of lumbar support finished goods inventory has been pledged as collateral for a bank foan. 4. Sixty percent of the raw materials balance represents electronic control units acquired at a contracted price 40 percent above the current market price. The market value of the rest of the raw materials is $110,700. 5. The total market value of the work in process inventory is $85,400. 6. Included in the cost of factory supplies are obsolete items with an historical cost of $6,700. The market value of the remaining factory supplies is $39,500. 7. Bramble applies the LCNRV method to each of the three types of seat components in finished goods inventory. For each of the other three inventory accounts, Bramble applies the lower-of-cost-or-market method to the total of each inventory account. 8. Consider all amounts presented above to be material in relation to Bramble's financial statements taken as a whole