Crane Company uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Crane Companys year end, December 31:

Units

Unit Cost

Net Realizable Value per Unit

Clothing 85 6 5 Jewlery 72 20 207 Greeting Cards 44 1 2 Stuffed toys 58 13 38

Determine the lower of cost and net realizable value of the ending inventory assuming Crane Company applies LCNRV on individual items.

Lower of cost and net realizable value