Norton Corporation uses the Lower-of-Cost-or-Market (LCM) method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products G, H, I, J, K, L, M and N. Relevant per unit data for these products appear below.

Required: Compute 1) Net Realizable Value (NRV), 2) NRV - normal profit (show your detail calculation), and use the LCM rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for the item you select.

**** Item L

Item No.	Cost per unit	Cost to Replace	Estimated Selling Price	Cost of Completion and Disposal	Normal Profit margin (%) of selling price
G	4.74	4.51	6.27	1.41	25%
H	4.16	3.69	5.1	1.59	14%
I	6.27	5.33	6.85	1.47	20%
J	5.21	4.63	4.74	1.29	28%
K	3.63	3.34	4.8	1.94	18%
L	4.51	4.16	5.45	1.47	13%
M	3.11	2.87	3.93	1.88	20%
N	6.5	7.08	8.02	1.59	17%