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5. 200 points E7-12 Reporting Inventory at Lower of Cost or Market L07-4 Jones Company is preparing the annual financial statements dated December 31 of the current year . Ending inventory information about the fim major roma stocked for regular sat follows: WOW Quantity on Hand 60 90 20 BO 360 ENOING INVENTORY CURRENT YEAR Nek Rewable Unit Cost When Acred Value (Market FIFO) at Year End $ 25 $ 22 40 50 se 62 35 40 20 16 Required: Compute the valuation that should be used for the current year ending inventory using the LCM rule applied on a tem-by-item basis Hem Quantity Total Cost Total Mack LOM Valuation A 60 B C D 90 20 80 360 Total E Hints References Book & Resources