Lower-of-Cost-or-Market (LCM) Method The following data are taken from the Smith & Wesson Corporation's inventory accounts: Item Code Quantity Unit Cost Replacement Cost ZXE 100 $42 $40 XYF 300 53 54 MNJ 400 42 40 UBS 200 53 57 Calculate the value of the company's ending inventory using the lower-of-cost-or-market method applied to each item of inventory.