Calculating Lower-of Cost-or-Net Realizable Value

The following information is from Guccii Companys individual inventory items as of December 31.

Inventory	Quantity	Cost per Unit	Net Realizable Value per Unit
Classification:Premium
Item 1	144	$180	$185
Item 2	270	100	98
Item 3	360	165	175
Item 4	252	158	120
Classification: Classic
Item 5	180	100	98
Item 6	90	90	95
Item 7	900	105	115
Item 8	504	80	75

Required

a. Calculate lower-of-cost-or-net realizable value of Guccii's December 31 inventory applying the rule to each individual item. $Answer

b. Calculate lower-of-cost-or-net realizable value of Guccii's December 31 inventory applying the rule by inventory category. $Answer

c. Calculate lower-of-cost-or-net realizable value of Guccii's December 31 inventory applying the rule to total inventory. $Answer