Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows:

Complete the two columns of the table.

Compute the amount that should be reported for the ending inventory using the LCM rule applied to each item.

Item	Quantity on Hand	Unit Cost When Acquired (FIFO)	Market Value at Year-End	LCM per Item	Total LCM	Recorded Total Cost
Alligator Armoires	70	$46	$41			$3,220
Bear Bureaus	85	80	80			6,800
Cougar Credenzas	10	90	92			900
Dingo Cribs	35	35	35			1,225
Elephant Dressers	400	15	12			6,000