Byron Company has five products in its inventory and uses the FIFO cost flow assumption. Specific data for each product are as follows:

Product	Cost	Selling Price	Estimated Cost of Disposal
A	$90,000	$150,000	$20,000
B	110,000	120,000	15,000
C	60,000	70,000	5,000
D	100,000	115,000	5,000
E	105,000	110,000	8,000

Required:

1. What is the correct inventory value, assuming the LCNRV rule is applied to each item of inventory?

Product	Inventory Value
A
B
C
D
E
Total	$

2. What is the correct inventory value, assuming the LCNRV rule is applied to the total of inventory?