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:
After-Tax Discount Rate
The interest rate used in discounted cash flow analysis to calculate the present value of future cash flows after accounting for taxes.
Income Tax Rate
The rate at which taxes are levied on an individual or company's income.
Discount Factor
A multiplier used in discounted cash flow (DCF) analysis to determine the present value of future cash flows.
Income Tax Rate
The measure at which income is taxed, affecting both companies and individuals.
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