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Problem Lower of Cost or Market (20 points) The Ace Card Company began operations in 2015. The company carries five different types of inventory which are listed below along with other data. The company values its inventory at lower of cost or market (LCM). At December 31, 2015, the company has the exactly one unit of each item in ending inventory. Item Actuai Cost Replacement Estimated Normal Profit L1 Selling Price Selling Costs $12.00 $13.00 $20.00 $5.00 $4.00 2 5.00 10.00 10.00 2.00 1.00 4 16.00 10.00 20.00 6.00 3.00 18.00 15.00 24.00 200 6.00 20.00 22.00 29.00 4.00 INSTRUCTIONS: (1) Complete the following information using the lower of cost or market method for individual inventory items Ceiling Item Floor Market LCM