On the basis of the following data for Sanford Industries as of December 31, what is the value of the inventory at the lower of cost or market? Apply lower of cost or market to each inventory item. 
Definitions:
Medium Of Exchange
A tool that assists in the buying, selling, or exchanging of goods among different parties.
Cash
Liquid currency including coins and banknotes that is used to facilitate transactions and settle debts.
Stocks
Shares of ownership in a company, representing a claim on part of the company's assets and earnings.
Fiat Money
Currency that a government has declared to be legal tender, but it is not backed by a physical commodity.
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