Calculating Lower-of Cost-or-Net Realizable Value The following information is from Guccii Company's individual inventory items as of December 31, 2020 Quantity Cost per Unit Net Realizable Value per Unit Inventory Classification:Premium Item 1 160 $185 $180 Item 2 300 100 98 175 Item 3 400 165 Item 4 280 158 120 Classification: Classic Item 5 200 100 98 Item 6 100 90 95 Item 7 1,000 105 115 Item 8 560 80 75 Required a. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying t rule to each individual item. 333,400 b. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule by inventory category. $ 274,040 c. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule to total inventory. 274,040