The following information was taken from the inventory records of the Peter Park Company:

Product	A	B	C	D	E
Replacement Cost	$4.00	$8.00	$7.00	$8.80	$2.50
Selling Price	$7.50	$10.00	$8.00	$10.00	$5.00
Selling Expenses	$1.00	$1.50	$2.50	$2.00	$0.50
Normal Profit	$2.00	$2.00	$1.00	$1.50	$1.50
Cost	$5.00	$9.00	$6.00	$7.50	$3.00
Units	200	400	350	450	500
Floor
Ceiling
Lower-of-cost-or-market

Required:

Determine the valuation of the inventory at the lower of cost or market applied to:

a.	individual items
b.	the inventory as a whole