On the basis of the following data for Sanford Industries as of December 31, determine the value of the inventory at the lower of cost or market. Also, show how the inventory would appear on the balance sheet (assume that the cost was determined by the FIFO method). Apply lower of cost or market to each inventory item.

Commodity	Inventory Quantity	Cost per Unit	Market Value per Unit
Size 4	9	$17	$19
Size 5	10	17	14
Size 6	14	20	22
Size 7	12	13	15

Labels
Current assets
December 31
Amount Descriptions
Inventory at lower of cost or market

Question 1:

Show how the inventory would appear on the balance sheet (assume that the cost was determined by the FIFO method). Apply lower of cost or market to each inventory item.

Question 2:

Determine the value of the inventory at the lower of cost or market. (assume that the cost was determined by the FIFO method). Apply lower of cost or market to each inventory item.

Inventory Value: $