Lee Pet Foods has provided the data below for calculating the lower of cost or net realizable value for its products (in thousands). The products are listed by category.

	Selling Price	Cost
Dog food:
Dry	$420	$330
Wet	443	425
Cat food:
Canned	$460	$437
Treats	254	198

The costs to sell are 10% of selling price.

Required:

a) Determine the reported inventory value assuming the lower of cost or net realizable value rule is applied to categories of food.

b) If lower of cost or market was used (instead of lower of cost or net realizable value), what additional information would be needed?