Calculating Lower-of Cost-or-Net Realizable Value The following information is from Guccil Company's individual inventory items as of December 31. Inventory Quantity Cost per Unit Net Realizable Value per Unit Classification Premium Item 1 Item 2 Item 3 Item 4 Classification: Classic Item 5 Item 6 Item 7 Item 8 Required 80 150 200 140 100 50 500 280 $180 100 165 158 100 90 105 80 $185 98 175 120 98 95 115 75 a. Calculate lower-of-cost-or-net realizable value of Guccil's December 31 inventory applying the rule to each individual item, $ 173,920 x b. Calculate lower-of-cost-or-net realizable value of Gucci's December 31 inventory applying the rule to each inventory classification. $ 174,350 c Calculate lower-of-cost-or-net realizable value of Gucci's December 31 Inventory applying the rule to total inventory. 173,920 x

Calculating Lower-of Cost-or-Net Realizable Value The following information is from Gucci Company's individual inventory ikems as of December 31 . Required a. Calculate lower-of-cost-or-net realuable value of Guccis s December 31 inventory applying the rule to each individual isem. b. Calculate lower-of-cost-or-net tealizable walue of Guxcas December 31 inventory applying the rule to each inventory clasuficasion. 3 c. Calculate lower-of-cost-or-net realizable value of Guccirs December 31 inventory applyng the rule to total inventory