Determine the cost of ending inventory by using the lower of cost or market method applied to each item of inventory.

Miller Company had the following inventory at the end of the year: Skip to Main Content MERCHANDISING AND INVENTORY Merchandise inventory: Lower of cost or market method Vantress Model Q 110 $12 $10 Model R 130 8 6 Model S 160 11 9 Gaskets: Calculator X Model Alpha 90 85 90 Model Beta 50 55 50 Model Gamma 80 70 75 Aa Miller Company uses the lower of cost or market method (LCM) to value its inventory. Required: C Undo Store Recall Determine the cost of ending inventory by using the lower of cost or market method applied to each item of inventory PV of 1 PV of annuity Cost of Ending Inventory: $0 4 X X 5 ? 3 +