The Jewel Fool had the following inventory items on hand at the end of the year. Quantity Cost per Item Market Value per Item Necklaces 15 $ 66 $ 71 Bracelets 60 56 36 Determine the lower of cost or market per unit and the total amount that should be reported on the balance sheet for each item of inventory.

                          Lower of Cost or Market per Unit    Total Amount Reported

Necklaces                           66                                                 660

Bracelets                              36                                                1800

Total                                                                                         2460