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 Unit Cost When Acquired Quantity on Hand 51 81 (FIFO) 16 31 49 26 53 31 71 351 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 51 81 71 351 Total