E$7-14($Static$)$ Reporting Inventory at Lower of Cost or Market$/$Net Realizable Value $[$LO $7-4]$

Sandals Company is preparing the annual financial statements dated December $31.$ Ending inventory is presently recorded at its total cost of $$5,465.$ Information about its inventory items follows:

$\backslash$table$[[$Product Line,$\backslash$table$[[$Quantity on$],[$Hand$]],\backslash$table$[[$Unit Cost When$],[$Acquired $($FIFO$)]],\backslash$table$[[$Value at Year$-],[$End$]]],[$Air Flow,$20,$$$12,$$$14$