Determine the lower of cost and net realizable value of the ending inventory assurming Pharoah's Gift Shop applies LCNRV on individual items.

Pharoah'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 Pharoah's Gift Shop's year end, Decernber 31