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. Cost per Inventory Item Inventory Quantity Market Value per Unit (Net Realizable Value) Unit Birch $177 $161 135 Cypress 130 Mountain Ash 248 295 Spruce Willow 140 Inventory at the Lower of Cost or Market Total Cost Total Market Total Lower of Cor M Inventory Item Birch Cypress Mountain Ash Spruce Willow DI Total Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $128 Mar. 10 Purchase 70 units @ $136 Aug. 30 Purchase 20 units @ $142 Dec. 12 Purchase 70 units @ $146 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (F Last-in, first-out (LIFO) Weighted average cost