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 Quantity on Hand 31 Unit Cost When Acquired (FIFO) S 16 Net Realizable Value (Market) at Year-End $ 11 46 21 28 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. ltem Quantity Total Cost Market Valuation 31 46 21