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 Size 7 12 13 15