Parson Company was formed on January 1 of the current year and is preparing the annual financial statements dated December 31, current year. Ending inventory information about the four major items stocked for regular sale follows:

	ENDING INVENTORY, CURRENT YEAR
Item	Quantity on Hand			Unit Cost When Acquired (FIFO)				Net Realizable Value (Market) at Year-End
A		34			$	19			$	14
B		69				48				44
C		49				59				61
D		24				36				31

Required:

1. Compute the valuation that should be used for the current year ending inventory using the LCM rule applied on an item-by-item basis.

Item	Quantity	Total Cost	Total Market	LCM Valuation
A	34
B	69
C	49
D	24
Total		$0	$0	$0