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: Item Quantity on Hand 50 ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Acquired Value (Market) (FIFO) at Year-End $ 12 30 48 52 25 30 10 $ 15 80 40 10 MOOW 70 350 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 Total Market LCM Valuation B C D E Quantity Total Cost 50 80 10 70 350 Total