Problem 7: Lower of Cost or Market / Lower of Cost or Net Realizable Value (9 points) On December 31, 2023, due to deteriorating demand for item A, Signature Corporation management estimates the selling price of Item A to be $10.00 per unit, with an estimated cost to complete and sell of $4.00 per unit. Normal profit margin is 20% of selling price. The current replacement cost is $5.30 per unit. A. Assume that Matlock Corporation uses the Periodic FIFO method. Assume that there are 1,000 units remaining in inventory at a total cost of $7,200. Determine the Lower of Cost or Net Realizable Value as of December 31, 2023. The Lower of Cost or Net Realizable Value is $S B. Assume that Matlock Corporation uses the Periodic LIFO method. Assume that there are 1,000 units remaining in inventory at a total cost of $5,000. Determine the Lower of Cost or Market as of December 31, 2023. Designated Market is what amount? $ The Lower of Cost or Market is $