Jones Company is preparing the annual financial statements

Jones Company is preparing the annual financial statements dated December 31, 2015. Ending inventory information

about the five major items stocked for regular sale follows:

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 ENDING INVENTORY, 2015

ItemQuantity on HandUnit Cost When Acquired (FIFO)Replacement Cost

(Market) at Year-EndA 51$16  $13 B 8131  41 C 11   49   53 D 71   26   31 E 351   11   6 

Required:Compute the valuation that should be used for the 2015 ending inventory using the LCM rule applied on an item-by-item basis.

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