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5. Lower-of-cost-or-market The December 31, 2017 inventory of Gwynn Company consisted of four products, for which certain information is provided below Estimated Expected Normal Profi Product Disposal Cost Selling Price $6.50 $12.00 $25.00 $3.00 $40.00 $48.00 $190.00 20% 25% 30% 10% $26.00 Required: Using the lower-of-cost-or-market approach applied on an individual-tem basis, compute the inventory valuation that should be reported for each product on December 31, 2017 Answer Original Ceiling Replacement Floor Designated nventory Cost Cost Market Value $25,00 $42.00 $120 00 $22.00 40.00 $115.00 $15.80 $18 00 5