Ross Company had the following inventory at the end of the year: Valves: Model Q Model R Model S Gaskets: Model Alpha Model Beta Model Gamma Quantity 130 190 150 50 40 30 Unit Price Cost $7 11 8 85 100 80 Market $5 13 10 80 105 75 4 Ross Company uses the lower of cost or market method (LCM) to value its inventory. Required: Determine the cost of ending inventory by using the lower of cost or market method applied to each item of inventory.