Determine the proper unit inventory price in the following independent cases by applying the lower of cost or market rule. Circle your choice.

1 2 3 4 5

Cost $8.05 10.50 11.75 5.00 7.20

Net realizable value 8.85 9.80 12.20 4.25 6.90

Net realizble value less normal profit 8.15 9.90 11.40 3.75 5.70

Market replacement cost 7.90 10.10 12.50 3.80 5.40

Please explain how you get the answer.