This data is for selected inventory items at Office Supply Company. Quantity Unit Cost Market Value Printer Cartridges Item 119 64 $ 30.00 $ 30.50 Item 120 74 26.00 23.50 Item 121 104 30.00 27.00 Fax Machines Item 210 22 93.00 96.00 Item 211 17 199.00 193.00 Item 212 16 232.00 217.00 1 & 2. Determine the total amount to be reported as the inventory valuation at cost or market, whichever is lower, under lower of cost or market for each item separately and lower of total cost or total market. (Round your answers to 2 decimal places.) 3. Determine the total amount to be reported as the inventory valuation at cost or market, whichever is lower, under lower of total cost or total market by group. (Round your answers to 2 decimal places.) Analyze: Which valuation method will yield the highest net income? Lower of Cost or Market by groups or in total Lower of Cost or Market for each item separately Lower of total cost or total market by group Lower of total cost or total market