Loft Co. reviewed its LIFO inventory values for proper pricing at year-end. The following summarizes two inventory items examines for the lower of cost or market: Inventory item #1 Inventory item #2 Original cost $210,000 $400,000 Replacement cost 150,000 370,000 Net realizable value 240,000 410,000 Net realizable value less profit margin 208,000 405,000 What amount should Loft include in inventory at year-end, if it uses the total of the inventory to apply the lower of cost or market? $610,000 O $520,000 $613,000 $650,000 Save for Later Attempts: 0 of 1 used Submit Answer Current Attempt in Progress Data for a firm using the FIFO-LCM retail inventory method is as follows: Cost Retail Beginning inventory $300 $467 Net purchases 1,200 2,000 Net additional markups 100 Net markdowns (300) Sales $1,700 Compute cost of goods sold. O $1,177 O $1,169 O $1,122 O $1,160 Save for Later Attempts: 0 of 1 user