Nash Corp. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company's inventory records as of December 31, 2017. Item Quantity Unit Cost Replacement Cost/Unit Estimated Selling Price/Unit Completion & Disposal Cost/Unit Normal Profit Margin/Unit A 1,200 $3.30 $3.41 $3.85 $0.17 $0.44 B 2,200 5.06 5.39 5.50 0.44 0.33 C 1,000 3.96 3.74 4.62 0.28 0.55 D 1,400 2.75 2.75 3.08 0.44 0.22 E 1,600 5.50 5.72 6.60 0.77 1.21 Johnny Dare is an accounting clerk in the accounting department of Nash Corp., and he cannot understand why the market value keeps changing from replacement cost to net realizable value to something that he cannot even figure out. Johnny is very confused, and he is the one who records inventory purchases and calculates ending inventory. You are the manager of the department and an accountant. (a) Calculate the lower-of-cost-or-market using the "individual item" approach. Lower-of-Cost-or-Market Per Unit Item A $ Item B Item C Item D Item E +A +A +A