Problem 1: Perez Animal Feeds has developed the following data for lower-of-cost-or-market valuation for its inventory products: Cost Market $400,000 875,000 $380,000 920,000 Large Animals: Cattle Horse Small Animals: Cat Dog Ferret 550,000 90,000 280,000 700,000 165,000 245,000 Required: Determine the ar of inventory to appear in the balance sheet assuming LCM applied to: 1. Individual item approach 2. Group by group approach 3. Total inventory approach