Given the following information for the Lawrence Company: 
Required:
Determine the lower of cost or market for each inventory item.
Definitions:
Scatterplot
A graph in which the values of two variables are plotted along two axes, the pattern of the resulting points revealing any correlation present.
Linear Relationship
A relationship between two variables where the change in one variable is directly proportional to the change in another.
Residuals
The differences between observed values and the values predicted by a model, used to evaluate the model's accuracy.
Homoscedasticity
Homoscedasticity refers to a condition in regression analysis where the variance of the error terms (residuals) is constant across all levels of an independent variable, indicating uniform dispersion of data points.
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