6 E7-12 (Algo) Reporting Inventory at Lower of Cost or Net Realizable Value L07-4 Check my work 0.85 points H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR eBook Item Quantity on Hand Hint XOJOW A 51 81 11 E 71 351 Unit Cost When Acquired (FIFO) $ 16 31 2538= 49 Net Realizable Value (Market) at Year-End $ 13 41 53 26 11 31 6 References Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis. Total Net Item Quantity Total Cost Realizable Value Lower of Cost or NRV A 51 B 81 C 11 D 71 E 351 Total