A company had the following ending inventory costs: 
Instructions:
(a) Calculate the lower of cost or market (LCM) value for the inventory as a whole.
(b) Calculate the lower of cost or market (LCM) value for each individual item.
Definitions:
Sense Of Initiative
An individual’s ability to plan and execute tasks independently, often associated with confidence in taking actions.
Initiative Versus Guilt
A stage in Erik Erikson's psychosocial development theory, where children learn to initiate activities and interact with others or experience guilt for their actions and thoughts.
Pursue Interests
To pursue interests means to actively follow or engage in activities or subjects that one finds enjoyable or valuable.
Psychosocial Development
A theory, proposed by Erik Erikson, that an individual's personal development occurs in a series of eight stages, each characterized by a specific crisis that the individual must resolve.
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