The following data concerns selected inventory items. Description Quantity Unit Cost Market Value Department A: Stock AX2 80 $8.00 $8.80 Stock AX5 105 9.50 9.25 Department B: Stock BX4 125 10.75 10.00 Stock BX9 90 12.00 12.20 Determine the amount to be reported as the inventory valuation at cost or market, whichever is lower, under each of the following methods. 1. Lower of cost or market for each item separately 2. Lower of total cost or total market 3. Lower of total cost or total market by department