A company reported the following data related to its ending inventory: 
Calculate the lower of cost or-market the inventory applied separately to each product.
Definitions:
Mental Defect
An outdated and offensive term that was previously used to describe a range of intellectual disabilities or cognitive impairments.
American Law Institute (ALI)
An independent organization in the United States that produces scholarly work to clarify, modernize, and otherwise improve the law.
M'Naghten
Refers to the M'Naghten Rule, a legal standard for determining the insanity of a defendant, based on their ability to understand right from wrong at the time of the crime.
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