On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Cost per Inventory Item Inventory Quantity Market Value per Unit (Net Realizable Value) Unit Birch 14 $126 $131 Cypress 27 179 178 Mountain Ash 25 96 84 Spruce 19 174 195 Willow 25 159 164 Inventory at the Lower of Cost or Market Total Cost Total Market Total Lower of Cor M Inventory Item Birch Cypress Mountain Ash Spruce Willow Total Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $130 Mar. 10 Purchase 50 units $140 Aug. 30 Purchase 30 units @ $148 Dec. 12 Purchase 70 units @ $154 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Merchandise Inventory and cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) X Last-in, first-out (LIFO) Weighted average cost