P6.7B. Lower-of-Cost-or-Market (LCM) Method The Crane Company had the following inventory at year-end Unit Price Quantity Cost Market Desks 70 $190 $215 310 268 345 360 Model 9002. . . . 45 20 Cabinets ....120 80 50 60 95 135 68 85 126 Required a. Determine the value of the ending inventory after applying the lower-of-cost-or-market method to each item of inventory Would the net income be lower under the cost method or the lower-of-cost-or-market method? b