Knowledge Check 01 A company has the following per unit recorded cost and replacement cost relating to its inventory: 5 units 7 units 9 units Cost $50 Cost $60 Cost $30 Market $45 Market $65 Market $25 Item 1 Item 2 Item 3 Applying the lower of cost or market method, the reported value of this company's ending inventory if LCM is applied to individual items is O $870 O $905 O $920 O $940

A company has the following per unit recorded cost and replacement cost relating to its inventory: Applying the lower of cost or market method, the reported value of this company's ending inventory if LCM is applied to individual items is $870$905$920$940