Basic inventory data for April 30 are presented below for a business that employs the lower-of-cost-or-market basis of inventory valuation to each category. 
a) Complete the table.
b) Determine the amount of reduction in the inventory at April 30 attributable to market decline.
Definitions:
Knee-Jerk Reflex
A rapid, automatic response to a stimulus, such as a physical tap, that causes the knee to jerk involuntarily.
Interneurons
A type of neuron that connects sensory and motor neurons and processes information in the brain or spinal cord.
Spinal Cord
A long, thin, tubular structure made up of nervous tissue, which extends from the medulla oblongata in the brainstem to the lumbar region of the vertebral column, serving as the central pathway for nervous system messages.
Spinal Cord
A long, thin, tubular structure made up of nervous tissue, which extends from the brain down the back, and is a major part of the central nervous system.
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