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:
Condominium
A type of real estate ownership where an individual owns a unit within a larger complex, with shared ownership of common areas.
Payments
The act of transferring money or money's worth from one party to another as compensation for goods, services, or to fulfill a legal obligation.
Defective
Referring to a product or item that is faulty, broken, or does not meet the standards or specifications promised.
Breach of Contract
Happens when a party does not meet their contractual responsibilities.
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