Lower of Cost or MarketPresented below is data relative to the 12/31/14 inventory of Lance Company: 
Additional Data:Selling price is $2.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal" profit is 35% of selling price.
InstructionsComplete the last four columns above.
Definitions:
United States
A country in North America composed of 50 states, a federal district, five major self-governing territories, and various possessions.
Government Size
The extent or scale of government operations and interventions in a country's economy and society.
Government Functions
The roles and activities undertaken by the government to govern a country, including legislation, law enforcement, and public services like education and healthcare.
United States
A federal republic consisting of 50 states, a federal district, and various territories, located primarily in North America.
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