On the basis of the following data for Sanford Industries as of December 31, determine the value of the inventory at the lower of cost or market. Also, show how the inventory would appear on the balance sheet (assume that the cost was determined by the FIFO method). Apply lower of cost or market to each inventory item. 
Definitions:
Disbursement Float
The amount of time it takes for money to be withdrawn from one account and cleared in another, affecting the available balance.
Collection Float
The time period between when a check is deposited into a bank account and the time the funds are available and officially credited to the account.
Book Balance
refers to the current balance in a company’s accounting records, not including any pending transactions that have not yet been cleared or settled.
Net Collection Float
The time difference between when a check is deposited and when the funds are available in the firm's account, affecting available cash.
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