The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date Per Unit Total Jan. 1 Transaction Number of Units Inventory 7,500 Purchase $75.00 $562,500 10 22,500 85.00 1,912,500 1,687,500 28 Sale 11.250 150.00 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar 5 Purchase 45,000 89.50 4,027,500 eBook Show Me How Print Item Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Cost per Inventory Item Inventory Quantity Market Value per Unit (Net Realizable Value) Unit Birch 43 $57 $43 Cypress 65 61 Mountain Ash 40 40 39 30 151 176 Spruce Willow 23 123 115 Inventory at the Lower of Cost or Market Inventory Item Birch Total Cost Total Market 3,223 X 5 12,000 X Total Lower of Cor M 12,000 X 7.500 x 3,100 X 7,500 X Cypress Mountain Ash Spruce Willow Total