MaxiFli Co. uses the lower of cost or market method, applied to individual inventory items, in

valuing its inventory. The inventory at December 31, 2023, consists of products Fly-High and Fly- Low. Relevant per-unit data for these products appears below:

Fly-High Fly-Low Estimated selling price $90 $70 Cost 75 55 Replacement cost 75 45 Estimated selling expense 20 10 Normal profit per unit 10 10

Using the lower of cost or market rule, determine the proper dollar amount with which to value inventory at December 31, 2023 for each inventory item. Fly-High Fly-Low a) $75 $55 b) $75 $45 c) $60 $50 d) $70 $50