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:
Customer Purchase Information
Data related to the buying habits, preferences, and demographics of consumers.
Syndicated Data
Market research data collected and compiled by an organization, which is then sold to multiple companies to help them understand market trends or consumer behavior.
Commercial Research Firms
Companies specialized in conducting research in the business sector, often providing insights and data to other businesses for strategic purposes.
National Purchase Diary Panel
A research panel used to collect data on consumer purchasing habits, preferences, and behaviors by tracking their purchases over time.
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