Cullumber's Gift Shop 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 Cullumber's Gift Shop's

year end, December $31$:

$($a$)$

Determine the lower of cost and net realizable value of the ending inventory assuming Cullumber's Gift Shop applies LCNRV on

individual items.