Calculating Lower-of-Cost-or-Net Realizable Value Anne Traylor Inc. has the following information for its six inventory items on June 30. Determine the inventory cost to report on the balance sheet on June 30, assuming that the company applies the lower-of-cost-or-net realizable value rule to each individual inventory item. Inventory Item Quantity Cost Selling to Price Sell #100 98 $24 $5 Inventory Cost $16 Lower-of-Cost-or- Net Realizable Value $ 0 #101 140 22 4 17 0 #115 70 35 6 31 0 #118 168 40 6 29 0 #120 35 18 4 10 0 #128 63 30 8 26 0 Total $ 0