Question 1 Kingbird, Inc. values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from the company's inventory records as of December 31, 2017 Completion & Disposal Cost/Unit Normal Profit Estimated Unit Replacement Selling Item Quantity CostCost/Unit Price/Unit $10.36 6.59 23.35 14.65 10.32 Margin/Unit $8.84 5.55 13.76 10.36 9.44 X490 7,548 $9.25 X12 3,663 .18 X68213,320 14.06 Z195 9,250 10.55 2846 6,364 8.88 $2.22 0.19 2.41 1.04 1.55 $2.52 1.33 6.66 4.26 0.81 3,663 5.18 Calculate the lower-of-cost-or-market using the individual-item approach Lower of-Cost-or-Market (Per unit basis) X490 X512 x682 x195