Lordy-40, Inc. uses the first-in, first-out (FIFO) costflow assumption and determines lower-of-cost-or-market (LCM) at the category of inventory level. Attached is relevant recent year-end data for their inventory. Using this data, complete the LCM analysis for Lordy-40 and determine how much, if any, adjustment is needed.

Estimated Estimated Inventory Category FIFO Cost Sales Amount Costs to Complete Clothing $2,320 $3,690 $1,100 Shoes $1,700 $2,150 $ 520 Appliances $ 850 $1,420 $ 370 Electronics $4,110 $5,900 $2,400