E9-3 (Lower-of-Cost-or-Market) Michael Bolton Company follow

E9-3 (Lower-of-Cost-or-Market) Michael Bolton Company follows the practice of pricing its inventoryat the lower-of-cost-or-market, on an individual-item basis.Item Cost Cost to Estimated Cost of Completion NormalNo. Quantity per Unit Replace Selling Price and Disposal Profit1320 1,200 $3.20 $3.00 $4.50 $0.35 $1.251333 900 2.70 2.30 3.50 0.50 0.501426 800 4.50 3.70 5.00 0.40 1.001437 1,000 3.60 3.10 3.20 0.25 0.901510 700 2.25 2.00 3.25 0.80 0.601522 500 3.00 2.70 3.80 0.40 0.501573 3,000 1.80 1.60 2.50 0.75 0.501626 1,000 4.70 5.20 6.00 0.50 1.00InstructionsFrom the information above, determine the amount of Bolton Company inventory