The December 31, 2019 inventory of Howard Enterprises consisted of four products, for which certain information is provided below.

ReplacementEstimatedExpectedNormal Profit

ProductOriginal CostCostDisposal CostSelling Priceon Sales

A$25.00$22.00$6.50$37.50$7.50

B$42.00$40.00$12.00$48.00$12.00

C$120.00$115.00$25.00$160.00$48.00

D$16.00$15.80$3.00$22.00$2.20

Required:

1.Using the lower-of-cost-or-market approach applied on an individual-item basis, prepare the schedule and compute the inventory valuation that should be reported for each product on December 31, 2019.

2.What is the valuation that should be reported as applied to total inventory

ProductCeilingFloorCost Market CostLCM

A______ ________________________ _______

B______ ________________________ _______

C______ ________________________ _______

D______ ________________________ _______