value: 10.00 points Jones Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows ENDING INVENTORY, CURRENT YEAR Net Realizable Value (Market) at Year-End Quantity on Hand Unit Cost When Acquired FIFO) $ 15 30 S 12 40 10 70 350 25 10 30 Required Compute the valuation that should be used for the current year ending inventory using the LCM rule applied on an item-by-item basis. Item Quantity Total Cost Market Valuation 80 10 Total