Calculating Lower-of Cost-or-Net Realizable Value The following information is from Guccii Company's individual inventory items as of December 31. Required a. Calculate lower-of-cost-or-net realizable value of Gucciis December 31 inventory applying the rule to each individual item. 1 b. Calculate lower-of-cost-or-net realizable value of Guccii's December 31 inventory applying the rule by inventory category. 3 c. Calculate lower-of-cost-or-net realizable value of Guccirs December 31 inventory applying the rule to total inventory, 1