The FASB decided to grant an exception to the LCNRV approach for companies that use the LIFO or retail inventory methods. LIFO inventory is already stated at below current costs (because it is stated at older costs). Therefore, using the LCNRV would wind up adjusting inventory up, which would increase net income. This would not be a conservative approach. The approach which these companies apply is Lower of Cost or Market. Use this approach to determine the proper unit inventory price in the following cases (number your responses)