I. Lower-of-Cost-or-Market Rule. Apex Corporation has four products in inventory at year-end: Number of Market Product Units Cost/Unit Price/Unit 10,000 20,000 30,000 40,000 $ 8 $16 $23 ... $10 $15 $20 $10 D..... $ 8 a. Calculate the ending inventory by applying the lower-of-cost-or-market rule (1) item by item and (2) to the inventory as a whole. b. Calculate the effect on the net income of using one version of the lower-of-cost-or- market rule instead of the other