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 Item Quantity on Hand Unit Cost When Acquired (FIFO) Net Realizable Value (Market) at Year-End A 50 $ 15 $ 12 B 80 30 40 C 10 48 52 D 70 25 30 E 350 10 5 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.

Item	Quantity	Total Cost	Total Market	LCM Valuation
A	50
B	80
C	10
D	70
E	350
Total		$0	$0	$0