Sheffield Corp. sells three different products. The following information is available on December 31: Inventory item   Units   Cost per unit   Market value per unit X   320   $4.20   $3.50 Y   640   $2.00   $1.50 Z   1590   $3.00   $4.00 After applying the lower-of-cost-or-net-realizable-value rule to each item, what will Sheffield total ending inventory balance be?   $6850 $8435 $7394 $7010

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