Iris Company Has Provided the Following Information Regarding Two of Its

Multiple Choice

Iris Company has provided the following information regarding two of its items of inventory at year-end: • There are 100 units of Item A, having a cost of $20 per unit and a replacement cost of $18 per unit.
• There are 50 units of Item B, having a cost of $50 per unit and a replacement cost of $55 per unit.
How much is the ending inventory using lower of cost or market on an item-by-item basis?

A) $4,300.
B) $4,500.
C) $4,750.
D) $4,550.