E7-12 Reporting Inventory at Lower of Cost or Market LO7-4 Jones Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR Quantity on Hand 69 Unit Cost When Acquired (FIFO) $ 20 48 Net Realizable Value (Market) at Year-End $ 23 29 89 369 13 18 Required Compute the valuation that should be used for the current year ending inventory using the LCM rule applied on an item-by-item basis. LCM Item Quantity Total Costlota Market Valuation 29 89 Total