Lower-of-Cost-or-Market Inventory

On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9.

Inventory Item	Inventory Quantity	Cost per Unit	Market Value per Unit (Net Realizable Value)
Birch	27	$160	$140
Cypress	43	81	80
Mountain Ash	15	76	51
Spruce	11	272	296
Willow	32	183	187

Inventory at the Lower of Cost or Market
Inventory Item	Total Cost	Total Market	Total LCM
Birch	$fill in the blank 1	$fill in the blank 2	$fill in the blank 3
Cypress	fill in the blank 4	fill in the blank 5	fill in the blank 6
Mountain Ash	fill in the blank 7	fill in the blank 8	fill in the blank 9
Spruce	fill in the blank 10	fill in the blank 11	fill in the blank 12
Willow	fill in the blank 13	fill in the blank 14	fill in the blank 15
Total	$fill in the blank 16	$fill in the blank 17	$fill in the blank 18