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 merchandise 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:
Accounts Receivable Balance
The sum total of money that customers are in debt to a company for its goods or services that have been utilized but not paid for.
Firm's Cash Cycle
The length of time it takes a company to convert its investments in inventory and other resources into cash flows from sales.
Cash Budgeting
The process of forecasting future financial positions based on anticipated cash receipts and disbursements.
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