Applying the Lower of Cost or Net Realizable Value Rule Venner Company had the following inventory at December 31. Required 1. Determine ending inventory by applying the lower of cost or NRV rule to a. Each item of inventory. b. Each major category of inventory. c. Total inventory. Required 1. Determine ending inventory by applying the lower of cost or NRV rule to a. Each item of inventory. b. Each major category of inventory. c. Total inventory. 2. Which of the LCNRV procedures from requirement 1 results in the lowest net income for the year? The LCNRV procedure that results in the lowest net income is a result of this procedure also producing the: Inventory value Cost of goods sold value 2. Which of the LCNRV procedures from requirement 1 results in the lowest net income for the year? Its in the lowest net income is a result of this procedure also producing the: le