On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item. Show your work. 
Definitions:
Standard Deviations
A measure of the amount of variation or dispersion of a set of values, used in statistics to quantify the spread of a data set.
Average Returns
The mean amount of profit or loss generated by an investment or portfolio over a specified period.
Utility Function
A mathematical representation of how consumers prioritize among different bundles of goods and services to achieve maximum satisfaction.
Wealth
The total value of all financial assets and physical possessions owned by an individual, household, or nation, minus any debts.
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