EX 7-7 Lower of Cost or Market 20 points Complete the following table applying the lower of cost or market method for solving the merchandise inventory valuation as described below. Total Market Cost per Unit Value per Unit Cost Market LCM Inventory Item Birch Cypress Mountain Ash Spruce Willow Total Inventory Quantity 115 85 75 125 65 $125 100 90 74 105 $120 108 86 98 The Merchandise Inventory account will be reported in the Balance Sheet for the amount of