2 8 2 4 7 N N 12 14 E10-11. Lower of Cost or Market. All-Kinds-of-Cases Company sells cases for smartphones and notepad comput- ers. The company uses the LIFO method for costing inventory. All-Kinds-of-Cases groups inventory by the device manufacturer for which the case is made in its LCM computations. All kinds-of-Cases provided the following information regarding inventory at the end of the current year. Group No. Manufacturer CRC No. of Units SP Disposal NPM Cost Smartphone case General Tech $8 450 $14 $1 $6 $ 5 Notepad case General Tech 14 300 35 18 16 Smartphone case Pacific Base 5 750 Notepad case Pacific Base 520 32 2 15 Definitions: CRC Current Replacement Cost SP = Selling Price DISPOSAL = Costs of Completion and Disposal NPM Normal Profit Margin Required a. Conduct a lower-of-cost-or-market test for All-Kinds-of-Cases assuming that it uses the total inventory approach for LCM computations. b. Conduct a lower-of-cost-or-market test for All-Kinds-of-Cases assuming that it uses the individual-item approach for LCM computations. c. Conduct a lower-of-cost-or-market test for All-Kinds-of-Cases assuming that it uses the group-by-group approach for LCM computations d. Prepare the journal entry needed to adjust Al-Kinds-of-Cases's inventory to a lower-of-cost-or-market (LCM) basis assuming that LCM is applied to total inventory groups. All kinds-of-Cases uses the indirect approach to record any adjustments to LCM