Lower of Cost or Market Shaw Systems sells a limited line of specially made products, using television advertising campaigns in large cities. At year end, Shaw has the following data for its inventory: Item Number of Units Historical Cost per Unit Selling Price per Unit Disposal Costs Phone 600 $24 $19 $5 Stereo 180 177 190 9 Electric shaver 220 30 35 3 MP3 alarm clock 430 26 25 2 Handheld game system 570 40 19 3 Required: Question Content Area 1. Compute the carrying value of the ending inventory using the lower of cost or net realizable value rule applied on an item-by-item basis