M7-9 Reporting Inventory under Lower of Cost or Market [LO 7-4] The Jewel Fool had the following inventory items on hand at the end of the year Quantity 10 50 Cost per Item $67 57 Market Value per Item $72 37 Necklaces Bracelets Determine the lower of cost or market per unit and the total amount that should be reported on the balance Lower of Cost or Market per Unit Total Amount Reported Necklaces Bracelets Total