Lower-of-cost-or-market inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow: Determine the inventory at cost and also at the lower of cost or market applied on an item-by-item basis, using the first-in, first-out method. Record the appropriate unit costs on thy inventory sheet, and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed as an example. Inventory Sheet Inventory sheet December 31 \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline Description & InventoryQuantity & InventoryQuantity & Cost Per Unit & MarketValueperUnit(NetRealizableValue) & TotalCost & TotalMarket & TotalLCM \\ \hline B12 & 38 & 30 & $60 & $57 & $1,800 & $1,710 & \\ \hline 812 & & 8 & 59 & 57 & 472 & 456 & \\ \hline B12 & & & & & 2,272 & 2,166 & $2,166 \\ \hline E41 & 18 & & & & & & \\ \hline G19 & 33 & & & & & & \\ \hline G19 & & & & & & & \\ \hline G19 & & & & & & & \\ \hline L88 & 18 & & & & & & \\ \hline L88 & & & & & & & \\ \hline L88 & & & & & & & \\ \hline N94 & 400 & & & & & & \\ \hline P24 & 90 & & & & & & \\ \hline P24 & & & & & & & \\ \hline \end{tabular}