On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Item Inventory Quantity JFW1 SAW9 134 276 Cost per Unit $41 21 Market Value per Unit (Net Realizable Value) $46 18 Item Echo Foxtrot Sierra Tango Total Class 1: Echo Foxtrot Subtotal Class 2: Sierra Tango Subtotal Total Echo Foxtrot Sierra Tango Total Inventory Cost per Unit Quantity 400 120 600 280 400 120 600 280 400 120 600 280 $10.25 22.50 8.00 14.00 $10.25 22.50 8.00 14.00 $10.25 22.50 8.00 14.00 Market Value per Unit (Net Realizable Value) $ 9.50 24.10 7.75 14.75 $ 9.50 24.10 7.75 14.75 $ 9.50 24.10 7.75 14.75 Cost $ 4,100 2,700 4,800 3,920 $15,520 $ 4,100 2,700 $ 6,800 $ 4,800 3,920 $ 8,720 $15,520 $ 4,100 2,700 Exhibit 10 Determining Inventory at Lower of Cost or Market (LCM) Market $ 3,800 2,892 4,650 4,130 $15,472 $ 3,800 2,892 $ 6,692 $ 4,650 4,130 $ 8,780 $15,472 $ 3,800 2,892 4,800 4,650 3,920 4,130 $15,520 $15,472 Lower of Cost or Market (LCM) $ 3,800 2,700 4,650 3,920 $15,070 $ 6,692 8,720 $15,412 $15,472 (1) Applied Individual Item by Item (2) Applied Class by Class (3) Applied in Total