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 Net Realizable Value (Market) at Year-End $ 21 Quantity on Hand 59 89 19 79 359 Cost When Acquired Item (FIFO) S 24 39 57 34 19 49 39 14 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 Market Valuation 59 89 19 79 359 Total